Fitted bedroom furniture business Sharps Bedrooms has announced the completion of the acquisition of Clever Closet.
Set up in 2010 by founder Paul Jacob, Clever Closet provides ingenious fully fitted under stairs storage and loft solutions across the UK. Paul will continue to support the business in combination with the Sharps team.
Kevin Smith, CEO of Sharps Bedrooms said: “We are delighted to complete the acquisition of Clever Closet, who have become the clear market leaders in fitted under stairs storage solutions. We believe that our knowledge and installer base, combined with their clever product solutions will create significant growth across the UK.”
Paul Jacob, founder of Clever Closet adds: “We are very excited about the opportunity to work with the UK’s market leader in fitted furniture and this will help us grow our business even further.”
This development marks the second acquisition by Sharps Bedrooms, following the acquisition of Fittingly in September 2023.
Sharps is the UK’s leading supplier of fitted bedroom, living and home office furniture. Sharps recently posted their accounts for the year to September 2023 which showed a growth in turnover of 6% year on year to £135m.
Despite the difficult inflationary backdrop, margins have also proven to be very resilient with EBITDA broadly flat at £25.9m. This resilient performance has been achieved by a continuation of Sharps’ shift in sales model from physical storefronts to a digitally-led, online shopping experience.
Sharps is owned by its management team and Epiris, a London-based private equity investor.
