Racy lingerie firm Figleaves bought for £11.5m


Updated: 18:09 EST, 15 June 2010


Private equity minnow Balderton Capital has checked out with a £10m fortune after selling racy lingerie firm figleaves.com to home shopping giant N Brown.

The acquisition will consolidate N Brown's position as the UK's leading online seller of bras and knickers.

Figleaves was sold for £11.5m and its management team will make around £1.5m from their stake.

The business had an unusual start - it was founded by electrical engineer Daniel Nabarro.

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Figleaves: The site has 1.2m visitors a month

 

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The Cambridge graduate, 62, made his first fortune selling his company, Intercity Paging, for an undisclosed sum in 1989 after a career with GEC and Motorola.

He recruited a star-studded management team in Carphone Warehouse's John Gildersleeve as chairman, and Tesco's former clothing boss Julia Reynolds, who started the Florence & Fred Brand, as chief executive.

The site has 1.2m visitors a month and Nabarro took on a non-executive role after selling control to Nabarro a few years ago.

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