Oak Furniture Land boss Jason Bannister is considering selling off a chunk of the furniture retailer he founded in 2004.

The retailer is looking to raise around £100m in order to expand its newly launched US division.   

Oak Furniture Land, which has 75 stores in the UK, has been valued at around £400m after growing sales to more than £300m last year.

PwC has been hired to approach potential new investors, The Telegraph reported.

Bannister believes the retailer, which operates online in the US, is capable of generating £1bn in revenue within five years.

The Burnley-born furniture boss founded the retailer 13 years ago, selling hardwood online. By 2006 he had made £2.7m in sales on eBay.

Last year Bannister told Retail Week about his plans for further store expansion and his hopes for a fast-paced future.

Furniture boss Jason Bannister on the retailer's fast-paced future

 

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