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Independent private equity house, Key Capital Partners (“KCP”), has demonstrated its ongoing support for portfolio company, Fly53, with a £1m follow-on investment in the fast-growing street fashion business.

Since KCP backed the £3.6m buy-in management buy-out (BIMBO) of Worcester-based Fly53 in March 2009, the company has increased online sales revenues by 200 per cent, and recently recorded a year-on-year uplift in Spring/Summer wholesale sales of more than 20 per cent. In the past two months Fly53 has opened four more concessions outlets in House Fraser, bringing the total to seven.

Founded in 1994 by Will Rigg, Fly53 has grown from a limited edition T-shirt collection into one of the UK’s best-known independent fashion brands. The Fly53 label is now sold across the UK through independent fashion retailers, key multiple retailers such as House of Fraser and Scott’s, and via online retailers including ASOS, as well as the firm’s own e-commerce website.

Fly53 will now focus on growing its overseas sales and further developing its online offering, as well as continuing to add to its concessions and retail presence. With sales forecasts for the Autumn/Winter 2010 range conservatively standing 20 per cent ahead of last year, the company will also use the follow-on investment from KCP to fund working capital and assist in financing the purchase of increased levels of stock.

Mike Fell, partner at Key Capital Partners and non-executive director at Fly53, said: “We are very pleased with Fly53’s progress over the last 12 months. The dedication of the management team and strength of the Fly53 brand are proven, and the business has made significant strides in its strategy to broaden its wholesale presence while developing its online and retail concessions offerings.”

“This additional funding will ensure that the business can focus on expanding its distribution network and capitalising on the growing demand for quality multi-channel brands, while meeting increased demand over the coming months.”

Will Rigg, Founder of Fly53, said: “It has been an incredible year for the team since the buyout. The brand has gained substantial traction in both the high street concession and online retail markets, and the response to our Autumn/Winter collection would suggest that we are about to experience the busiest season in our history. We look forward to strengthening our relationship with KCP as we move into the next phase of our growth.”