Nicola Bennett and Peter Woolley (both corporate partners) led the transaction, with support from Tim Astley (commercial / IT partner), Julia Ferguson (commercial property partner) and Lindsey Abbott (employment solicitor).
Percival Menswear was founded by Chris Gove in 2016, as a “hobby on the side”, before opening a Soho store and then a webstore. The company creates collections which aim to “subvert the classics of the male wardrobe”. The brand has featured in the David Beckham Eyewear campaign, and curated a custom tour wardrobe of Niall Horan. More recently the brand collaborated with Brighton-based artist and illustrator Sophy Hollington.
The £3 million minority investment was made from VGC Partners’ flagship £50 million fund which backs early-stage, next-generation consumer, technology and digital media businesses.
Chris Gove, founder and creative director of Percival Menswear, said: “The growth we’ve seen in the past few years has been incredible. Hitting our 2022 target by November 2020 just proved to us that we’ve created a brand that is truly desirable. Clothing is inherently personal so we’re proud to see so many customers enjoying and recommending our collections. The investment from VGC will be essential in our next stage of growth and will allow us to deliver more quality, British design to our customers in the UK, as well as expanding our platform to service our growing customer base in the US and Europe. Many thanks to the Moorcrofts team for all of their hard work and invaluable support on the investment process.”
Peter Woolley commented as follows: “Moorcrofts was delighted to act for Percival Menswear on this latest investment by VGC Partners, following their initial investment in 2018. This was an interesting transaction, and I’m sure that Percival will use the new funding to support its ambitious growth plans in the US and European menswear markets.”
Other professional advisers on the transaction included Proskauer Rose LLP (acted for VGC Partners), Haines Watts (acted for Percival Menswear) and FRP Advisory (acted for VGC Partners).
Moorcrofts corporate team regularly acts for buyers, sellers and investors across a broad range of industry sectors. With a wide array of clients, from PLCs and household names to sole traders and partnerships, Moorcrofts has the expertise to advise on all aspects of corporate transactions. For more information about Moorcrofts corporate services, visit our corporate services page or contact a member of the corporate team.