Beringea Invests £5 million in Electronic Specialist Maplin
22 Sep 2014
London, 22nd September 2014 - Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts, has invested £5 million as part of a syndicate of investors led by Rutland Partners in Maplin Electronics, the UK's largest specialist retailer of consumer electronics.
With more than 200 stores in the UK and Ireland, Maplin sells a broad range of products, including home electrical, audio equipment, DIY tools, computers, security equipment, batteries, components, specialised electronics for hobbyists and makers, and GPS devices, among other product categories. The company stocks top consumer electronics brands, including its own Maplin-branded products which have been a trusted household name since the 1970s.
Malcolm Moss, founding partner at Beringea, commented: “For the past 40 years, Maplin has been committed to selling the newest and most innovative electronics on the market. We are excited to partner with the company’s management to continue Maplin’s legacy as the UK’s only true expert in consumer electronics.”
John Cleland, CEO at Maplin Electronics, commented: "Our strategic plans for Maplin represent substantial growth in sales and profit, continuing on the journey already mapped out that focusses on improved customer experience in all key channels, substantially broadening our range of products and innovation, and investing in our ability to offer the best electronics and technical advice to our customers."
Founded by two technology enthusiasts frustrated by the lack of good quality electronics components, Maplin quickly established its reputation for the best product range and expertise in consumer electronics. Today, the company’s team of over 2000 technology experts help thousands of customers each day, from technology enthusiast to complete novices, make informed purchases. Customers can buy products in-store, by phone, online or through the company’s catalog. In 2013, Maplin launched its Click & Collect service, which allows online orders to be picked up in-store within 30 minutes of purchase.