A Redditch fashion firm which reckons big is beautiful is under new management.
Elvi specialises in larger size fashion for women and is based at Oxleasow Road, East Moons Moat.
It has 25 stores around the country, with locations including the Bluewater shopping centre and the Trafford and Metro Centres.
The company also has around 60 concessionary outlets in many leading UK department stores, including John Lewis, House of Fraser and Debenhams.
Elvi has now agreed to a management buy-in, which has been led by London-based private equity firm Langholm Capital, who have backed Midlands retail entrepreneur Oliver Spark as managing director. No sum has been disclosed for the deal though it is thought to be around £8 million.
Mr Spark, from Leamington Spa, was formerly managing director of another specialist retailer, the White Company, which supplies a wide range of home accessories and clothing.
He joins Elvi's existing design and merchandising director, Karen Smith, at the company. Three other directors have retired from Elvi following the transaction was completed.
Under the new management team, Elvi is poised to embark on an ambitious expansion programme, which should see the company open 20 new stores and a dozen new concessions in the next four years. The company also plans to extend its retailing activities by moving into internet-based home shopping.
It is hoped that the expansion programme will double Elvi's turnover from its current £20 million to a projected £40 million.
Mr Spark said: "The market for retailers offering clothes in size 16 and above is currently worth £4.5 billion, and as people are getting older and larger, that is set to grow.
"I am excited by the potential of Elvi as a business that is operating in a sector experiencing strong growth. It is our intention to move online and roll out stores and concessions in order to double the business."
Accountants Deloitte provided Langholm with financial due diligence transaction services, undertaking a review of the financial history and projections of Elvi prior to completion of the deal.
Peter Croom, transaction services director at Deloitte in Birmingham, said: "I have every confidence that Oliver and his team will be highly successful and look forward to working with Elvi in the future."
