Lloyds Development Capital (LDC) has bought a stake in CitySprint which values the business at £175 million. LDC joins Dunedin as a shareholder.
CitySprint management remains the major shareholder.
“We have a really strong partnership with Dunedin and LDC is joining us, as a key strategic investor, at a very exciting time in our business as we capitalise on our first mover advantage in the same day market,” said Patrick Gallagher, CEO of CitySprint. “We are perfectly placed to take advantage of the increasing demand for same day and specified hour fulfilment.
“This is being driven by consumers seeking confidence and convenience and from a growing number of retailers looking to out manoeuvre their competitors.”