Press Releases
Smedvig Capital invests in the juice bar market supporting the expansion of Lovejuice Ltd
Smedvig Capital (“Smedvig”), the London-based private equity company active in development capital for growth businesses, is pleased to announce that it has invested £2.3 million in Lovejuice Limited. Lovejuice is the leading chain of branded juice bars in the UK, offering juices, smoothies and other beverages and snacks to consumers 'on the move'. This funding from Smedvig will provide Lovejuice with the capital needed to fulfil its growth ambitions.
Lovejuice was set up by John Heseltine in 2003, opening its first store with BAA at Stansted Airport in the autumn of that year. The Stansted store was a great success, and further openings followed at Manchester and Gatwick Airports, along with Bluewater and Brent Cross shopping centres. Given the considerable traction achieved by the Lovejuice stores and the well documented drive for a healthier daily food consumption on the part of many British adults, the company now has plans to open more than 50 further outlets nationwide, with future store openings in 2006 at Luton Airport, Edinburgh Airport, Solihull Touchwood Centre and the Bullring in Birmingham.
Although juice bars have long been a feature of the North American and Australasian retail landscape they are currently operating in a more fledgling state in Europe. The UK is just waking up to this market which has grown rapidly in recent years. Consumer data confims a fast growing desire to purchase smoothies and juices 'on the move'.
Rob Toms, a Managing Director of Smedvig commented: "This is an exciting investment for us because we feel Lovejuice is clearly the "best of breed" player with a sizeable and rapidly growing market opportunity to exploit. Their leading market position was endorsed by consumer research done as part of our due diligence. We surveyed 300 customers, and their enthusiasm for the Lovejuice products and for the Lovejuice brand was extraordinarily high. I'm looking forward to working with John and his team to help build the business".
John Heseltine, Founder and CEO of Lovejuice added: “Lovejuice has experienced great success within its current space and we are thrilled to have the support and backing from Smedvig Capital. We believe there is immense potential in the European juice and smoothie market and we are perfectly positioned to build upon it. Smedvig's experience at driving success in developing businesses will provide us with invaluable advice going forward to maximise that market opportunity and broaden our team.”
For more information please contact:
John Hewett / Rob Toms
Smedvig Capital
Tel: 020 7451 2100
John West / Clemmie Carr
Tavistock Communications
Tel: 020 7920 3150
Notes to Editors
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start ups and banking.
Direct investments are usually in UK businesses, from development capital through to small buy outs, equity commitment £2-10m.
Smedvig Capital is authorised and regulated by the Financial Services Authority.