National law firm Shoosmiths has advised Downing LLP (Downing) on the £3m investment secured by the family-owned luxury e-commerce business, Xupes, from Downing managed funds
Founded in 2009 by Joe and Frank McKenzie, Xupes restores and retails pre-owned luxury goods including watches, jewellery, handbags, art and antiques and is an accredited Cartier and Omega servicing centre.
The multi-million pound funding from Downing managed funds will be invested in IT infrastructure, additional staff and further diversification of its product range in response to growing customer and product demand.
Xupes has seen rapid growth and now has a 25-strong team managing the online store and providing expert restoration to products in addition to a showroom at Wickham Hall, Bishops Stortford.
Shoosmiths' corporate team was led by partner Sanjeev Sharma with senior associate Iain Butler and solicitor Laura Whitfield assisting.
James Lewis, Investment Director at Downing, commented: 'Investing in Xupes was an easy decision for us with both the e-commerce market and demand for luxury goods growing significantly in recent years. As always the team at Shoosmiths provided a seamless service with fantastic legal advice that has ensured the timely completion of the transaction. We look forward to the many opportunities ahead with Xupes and the progressing of an ambitious growth plan.'
Sanjeev Sharma added: 'We are extremely pleased to have once again assisted long standing client Downing on another exciting investment opportunity. We wish all parties the best of luck and look forward to working with Downing again in the near future.'
Shoosmiths LLP is one of the most active UK law firms in the area of advanced manufacturing and tech start-ups, acting for founders, investors, funders, and research organisations, who look to the firm for VCT, EIS and SEIS tax advice, IP and commercialisation. Shoosmiths was recently 'Highly Commended' in the EIS Awards 2017 and was a finalist at the Investor Allstar Awards 2016.
Nationally, the corporate team is ranked in first place by deal volume in Experian's 2016 MarketIQ UK & Ireland M&A league tables. The team was recognised for its mergers and acquisitions expertise at the 2015 M&A Awards, winning the Law Firm of the Year category.