// Bensons for Beds has secured new financial backing from owner Alteri Investors to plough into its transformation
// The retailer has also hired former Asda and Dunelm exec Gavin Chappell as chief operating officer
Bensons for Beds has secured additional funding from owner Alteri Investors to drive its transformation as it hires ex-Asda and Dunelm exec Gavin Chappell as chief operating officer.
Alteri’s new investment comes two years after it first invested in Bensons. The beds retailer underwent a pre-pack administration in 2020 but has since returned to profit as it pushes ahead with its turnaround.
The fresh capital will be invested in retail, manufacturing, digital and distribution.
Digital will be accelerated as Benson integrates its online platform with its growing network, which it plans to grow from 166 stores today to 180 to 190 shops in the next two years.
The retailer has embarked on an programme of relocating its stores to better units in the towns and cities from which it already trades.
Bensons also plans to explore new formats that integrate its physical and digital offer.
The Alteri funding will also enhance Bensons’ logistics network, particularly at its Tewkesbury distribution centre, which is being revamped to increase capacity, speed up delivery times and improve customer service levels.
The beds specialist, which promoted Nick Collard to CEO in June, also confirmed the appointment of Chappell as COO, who was most recently group supply chain and logistics director at Holland & Barrett.
Chappell has had a thirty-year career in retail and is an expert in supply, logistics and manufacturing.
Bensons for Beds chair Ian Shepherd said it was “an important time” for the retailer.
“Alteri’s investment enables us to step up our transformation programme across all areas of the business.
“I’m also delighted to welcome someone of Gavin’s experience to our board- he’s going to make a significant contribution to our plans.
“We’ve made great progress towards our goal of becoming a market leading omnichannel retailer. There is still plenty to do and this investment will make a big difference, especially at a time when so many retailers are facing strong economic headwinds and the impact of high inflation.”
Alteria CEO Gavin George added: “Alteri remains fully committed to the future of Bensons and this new investment marks another milestone as we build on the strong foundations that have been laid over the past two years.
“We will continue to work closely with the management team so the business can realise its full potential.”
Meanwhile, Bensons launched a new advertising campaign today to appeal to shoppers during the cost-of-living crisis.
The campaign breaks down “the cost of a good rest”, when spread over the guaranteed life of one of its mattresses, which it calculates as little as 15p per sleep.