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Upholstery specialist Sofaworks’ plans to reach 50 stores within five years are underway, while more detail has emerged regarding its recent investment and share sale.

The North West headquartered sofa retailer opened at the Kingsway West Retail Park in Dundee less than a fortnight ago, while plans are progressing to open stores in Enfield, North London and at the Cannock Gateway Retail Park in the West Midlands.

Earlier this year in the spring, Sofaworks announced it had sold a minority stake in the business to private investor Bill Holroyd and the Greater Manchester Combined Authority (GMCA).

New statutory filings suggest the firm raised £1.5m* from the issue of equity in the business, with Bill Holroyd now holding a 20 per cent stake in the company and the GMCA a 10 per cent stake. The shareholding of both new investors are made up of B class shares.

The remaining 70 per cent of the shares are held by CEO Jason Tyldesley (65pc, all A class shares) and chairman Brian Tyldesley (5pc, all D class shares).

For details of the Sofaworks structure pre-investment, refer to our Infographic special report published 19th March 2015.

* excludes any debt finance that may have been raised

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