Notonthehighstreet snapped up by US firm Great Hill Partners

Notonthehighstreet has been sold to the US private equity firm a few months after exploring a possible sale as the business recorded a sales boom during the ongoing coronavirus pandemic.

According to The Times the online retailer’s revenue has jumped by more than half over the past year as the business attracted nearly 1 million new customers and signed up 500 new small business partners.

The online retailer has not disclosed how much Great Hill Partners paid to acquire the business, but previous reports said it expected to attract offers around £150m.

Great Hill Partners has acquired 100% of Notonthehighstreet from its former private equity owners in a deal alongside existing investors Burda Principal Investments and Industry Ventures. Investment firms Index Ventures, Venrex and Eight Roads have sold their respective stakes as part of the deal. 

Notonthehighstreet, which was founded in 2006 by Holly Tucker and Sophie Cornish, has said it will use its new backing to expand the range of products sold on its marketplace and deepen its reach into the British small business community.

The online retail group currently has 3.6 million customers and more than 150 employees who oversee a marketplace selling over 250,000 products from more than 5,000 small businesses.

Chief executive Claire Davenport said: “We’re incredibly grateful to our founders and past shareholders for all they’ve done for the business to date and we are delighted to work with Great Hill Partners, Burda and Industry for the next exciting stage of our growth.”