Gift online retailer Notonthehighstreet.com has been bought by a US private equity firm after annual sales soared by 50% amid Covid forcing people to shop online.
Boston based Great Hill Partners who have backed firms such as Wayfair and Momondo, the digital travel group bought the online retailer.
The suggested deal was thought to be around £150m, although Great Hill did not disclose the amount they paid.
The company was founded in 2006 and was originally based in Barnes, South West London and then later moved office to Richmond.
The company has around 3.6m customers and employs some 190 staff, after the company hired a further 77 employees in 2020.
Chief executive Claire Davenport said, “Business has boomed for our marketplace in the past 12 months.
“With more people shopping online and choosing to support small businesses than ever before, Notonthehighstreet has become a go-to platform for people across the UK who are seeking unique ways to improve their home environment, discover new ways to spend their time and find thoughtful ways to stay connected with loved ones.”
Michael Kumin, managing partner at Great Hill said, “While e-commerce adoption has accelerated over the last 12 months, Notonthehighstreet’s focus on curating products from the UK’s best small businesses has enabled the company to stand out.”
Notonthehighstreet was founded by Holly Tucker and Sophie Cornish which was previously backed by Index Ventures as well as Burda Principal Investment ans Industry Ventures.