Award-winning Aberdeen barber Sovereign Grooming has secured a six-figure funding package to open new salons in Edinburgh and Glasgow.
The business – the home of Kyle Ross, winner of Best Barber UK – is being backed by a group of investors led by MB Martin & Partners. With the funding, Sovereign has agreed a 10-year lease on a 1,118sq ft unit within Edinburgh’s New Waverley development, which will open in January. A third salon in Glasgow's city centre will follow later in spring, with a total of 20 new jobs created across the two sites.
Mr Ross launched Sovereign alongside marketing expert Ryan Crighton and has been trading from Aberdeen’s Union Street since 2016. He has been named among the UK’s elite barbers by GQ Magazine.
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The funding package, which is made up of both equity investment and a debt facility, was brokered by MB Martin & Partners. As part of the deal, the firm's chief executive, Moray Martin, has joined Sovereign's board of directors as chairman.
“We are delighted to get this deal completed and access the capital required to expand our business into two more cities," Mr Ross said.
“We offer a very different salon experience for men, bringing together top barbers and male image experts to offer a complete grooming experience."
Mr Crighton, who was a journalist for 10 years before moving into marketing, added: “We are excited about the business experience and pedigree which our investors bring to the table.
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"As we execute our business plan in a rapidly-changing business environment, it is reassuring to be working alongside partners who have been over the course before."
Mr Ross and Mr Crighton remain the largest shareholders in the business, retaining 80 per cent of the firm’s equity between them. An employee share scheme has also been carved out as part of the deal, which over time will see 10% of the business owned by loyal and strategically important staff.
Mr Martin said: “I am delighted that we have been able to co-ordinate and provide financial support to Sovereign. We recognise the ability, experience and commitment of the founding team – and their complementary skill sets make this an attractive business to invest in."
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