The owners of herbal products chain Culpeper have raised£1 million of investment and appointed a new management team to spice up the business.
Culpeper, which generates turnover of£3 million, was bought in August last year by a group of private investors.
The funds will be used to test store-types and for expansion starting early next year.
A transactional Web site will also be launched in October.
The investment is partly from the new management team, which includes chairman John Ayton, founder and chairman of luxury goods business Links of London; creative director Peter Windett, responsible for Crabtree & Evelyn's revamp; and existing managing director Duncan Sproul, formerly at Prices Candles and Filofax.
'We have a lot of heritage,' said Sproul. 'The company is very old. If it is not a contradiction in terms, we are looking for an old-contemporary feel. Since its acquisition last year, four stores have closed, taking the number to 14. Sproul said between four and six outlets will open next year. The business, which is not yet profitable, sells toiletries, fragrances, creams, food and drink, and aromatherapy lines.
'We'll look at the situation again at the end of next year,' said Sproul.
However, he said he hoped to accelerate the expansion of the chain from then on. 'Who knows, at some point we might have a national chain,' he said.
Other Culpeper investors include corporate finance specialist Matthew Hindhaugh; journalist Alice Hart-Davis; founding partner at Pragma Monica Lucas; and former Plymouth Gin managing director Charles Rolls.
The chain was founded in 1927 and was inspired by 17th century apothecary and astrologer Nicholas Culpeper.
No comments yet