The cash boost will enable the company to develop its technology platform and increase its product offering, in order to expand within the UK market and across continental Europe.
KCP will work alongside managing director Andrew Wass (pictured, right), who founded the business in 2003, to drive growth from the imminent launch of 22 new localised versions of the Gear4music.com website. Each site has been developed specifically for each territory.
As part of the deal, KCP director Mark Buttler (pictured, left) has joined the Gear4music.com board, along with new chairman Dean Murray. Murray is also chairman of bespoke fitted-furniture business Neville Johnson and a non-executive director of fashion brand French Connection.
“We have been impressed with the success of Gear4music.com under the leadership of Andrew Wass. The combination of established brand names and high-quality own-brand instruments has attracted a strong customer base with great potential for further growth in the UK market," said Buttler.
“Crucially, we believe the company has a foothold in the European e-commerce market and we anticipate revenue from European markets to increase considerably following our investment.”
Andrew Wass added: “Having taken the company to its current position, I am delighted to now have the backing of KCP in driving it to achieve its potential. Furthermore, Mark Buttler and Dean Murray will bring experience to the board which will help to ensure our ambitious plans for the future come to fruition.”
Gear4music.com is based in York, where it has a showroom and retail outlet. The company has also developed its own range of branded products, including Black Knight guitars, Coppergate brass instruments and Minster keyboards and pianos. Its turnover increased from £7million in 2008/09 to £10.2million in 2011/12.