Foresight Group (Foresight), a listed independent infrastructure and private equity investment manager, has invested in Space 48 Limited (Space 48), a digital eCommerce agency.
The eCommerce agency market represented cGBP1.5 billion sales in the UK in 2019 and is projected to continue to grow by 7 per cent annually through 2024. As retailers increasingly focus on driving online sales channels and improving customer experiences by investing in eCommerce technologies and infrastructure, an agency like Space 48 is well positioned to help ambitious online retailers thrive.
Jon Woodall, Managing Director of Space 48, says: “The company has grown organically since 2008 but, in order to take it to the next level, we decided to bring in a new partner to help realise our full potential. Foresight’s focus on growing UK businesses and its track-record of investing in eCommerce were key for us. As we look to expand our reach and breadth of customers for services, I am confident that the business will flourish with Foresight’s support.”
Matthew Pomroy, Investment Director at Foresight, adds: “Jon and the team at Space 48 have built a very strong business from the ground up and have become one of the most reputable companies within the sector. As shown by feedback, it’s clear that Space 48’s quality, range of services and value-add insights are behind its long-term customer relationships. We believe the growth in eCommerce will remain robust and Space 48 is well positioned to become one of the market-leading eCommerce agencies.”
Read more at: Private Equity Wire
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