Scottish entrepreneur and investor Sir Tom Hunter said he has “cash to invest” after a year investing in a range of businesses including the Body Shop, the failed high street chain that was bought out of administration.
After publishing abbreviated accounts for his investment vehicle West Coast Coast Capital for the year to the end of March 2024 he said the company is seeing “excellent growth” in the entrepreneurs it backs.
WCC partnered with private equity firm Auréa to acquire The Body Shop, created by the late Anita Roddick, from the administrators.
Auréa, founded by Mike Jatania (former Lornamead CEO) and Paul Raphaël (former UBS vice chairman), specialises in beauty, wellness, and longevity.
With experience in more than 40 beauty brands like Yardley and Lypsyl, and in global transactions and restructurings, WCC believes Auréa is well-positioned to revitalise the brand.
Sir Tom focused on retail in his early years with investments in brands such as Cruise, Birthdays, USC and Dobbies, but is believed to have withstood a number of losses.
In recent years he has returned to the sector, backing the e-commerce business THG, and in September joining the consortium that bought The Body Shop and its 113 remaining stores.
“We continue to remain positive in the progress the portfolio is making across the Board at West Coast Capital,” he said.
“We have continued to invest across the portfolio in both equity and loans to support these scaled and scaling businesses as they grow. As is well known we do not mark up non-listed business to value and hence are confident in the continued increase in value of our portfolio.
“In backing exceptional entrepreneurial founders we are seeing excellent growth.”
Among others backed is fintech firm Abound, led by the “exceptional duo of Michelle and Gerald” which has shown “brilliant growth”.
Buzzworks, led by Kenny Blair, showed “great progress” and has three openings in the pipeline adding to its existing 21 venues.
At Winchburgh Developments the company continues to invest alongside CALA and saw the completion of the connection of the town, at a cost of £20m, to the M9.
Deals reached will see a further 350 homes with seven housebuilders now on site.
“We continue to invest in our current portfolio and in new investments – we have cash to invest and no debt,” said Sir Tom.
The accounts show WCC had total assets of £192.9 million for the 12 months to the end of March 2024, compared with £187.4m for the prior financial year.
