21st February 2018
Darlington based, The Feel Good Group, a leader in the UV and spray tanning solutions market, has raised growth capital from Perwyn and HSBC in order to continue its store roll out expansion strategy.
The business is the largest operator in the UK with over 80 tanning stores nationally trading under the Tanning Shop brand. It has been at the forefront of regulated and responsible tanning for many years, focussing on leading the market for industry best practice and client wellbeing.
The Feel Good Group has also been ranked in the North East’s Fastest 50 growing companies in the last 3 years whilst it expanded through roll out and acquisition. It reported revenues of £14.4m and an EBITDA of £3.3m in 2016.
Adam Mooney, founder and Chief Executive Officer, said “We are delighted that Perwyn and HSBC are supporting our growth strategy and we look forward to opening new stores across the country over the next few years in order to further cement our brand and specialist offering in the UK”.
Ravi Sharma, Partner at Perwyn said “We are equally excited to be part of management’s journey over the next few years. The Perwyn culture is underpinned by our desire to work with entrepreneurs/owner managers like Adam and Ciaran Mooney and we are looking forward to working with the team at such an exciting time for the business”.
Tony Leech, HSBC area director for MME in the North East, added “We were very impressed by The Feel Good Group’s ongoing expansion plans. Adam and his team have a bright future ahead and we were more than happy to be a part of this next stage.”
Dow Schofield Watts Corporate Finance initiated and led the transaction. The team comprised Roger Esler, Tony Norwood and Paul Herriott. Tony Norwood from DSW commented “It has been a pleasure to advise such an ambitious, principled business and bring alongside funding partners for its continuing journey”.
Advisors to management were: Legal – The Endeavour Partnership; Tax – Tax Advisory Partnership.
Advisors to Perwyn and HSBC: Financial Due Diligence – BDO; Legal (Perwyn) – Addleshaw Goddard; Legal (HSBC) – Eversheds Sutherland.
Adam Mooney said of DSW “On behalf of myself and Ciaran a big thank you to you and your team. From initial discussion to evolving concept through to deal management and completion you were thoroughly professional and diligent.”