Our partnership with FEBE - For Entrepreneurs, By Entrepreneurs - introduced us to Passenger, a responsible outdoor clothing brand, allowing us to advise on a £15m investment.
Setting the scene
Passenger is a responsible brand, rooted in nature and wellbeing. Over 90% of Passenger’s product range is made with lower impact materials such as recycled cotton and hemp.
Through FEBE, a business community which celebrates the greatest entrepreneurs in Britain and which PwC is proud to support, our Private Business team met Passenger’s founder Richard Sutcliffe. Richard explained they were achieving massive growth, having scaled sales and operations significantly in recent months and reaching #2 on FEBE’s Growth 100 list in 2022.
New Forest-based Passenger needed a partner to help deliver the next step of their vision - both in terms of financial investment and getting the right people around them to support the strategy.
With our experience and credentials in the retail and fashion industries, and the expertise of our Corporate Finance team, we were confident we could support this unique business.
How we helped
Meeting Passenger’s Chair and CEO helped us quickly understand their challenges and vision. In particular, we were able to map out customer insights, identify key growth areas, and determine how to strengthen their strategy.
Technology and data insights played a vital role in helping the business prepare for an investment transaction and future growth. Our team reviewed customer buying habits and identified preferred hero products for certain demographics, and shared predictions on future sales. This helped build a customer story and predict demand for the brand.
To support its plans for further rapid domestic and international growth, while inspiring consumers to spend more time outdoors, Passenger sought our advice on finding the right finance partners to invest, as well as advisers who shared their values and could take the brand to the next level.
“We selected PwC based on their sector insight and data led offering which was important to us for both this transaction and our future plans. The team really understood the Passenger brand, provided pragmatic advice and helped us find the right partners for the next stage of our journey.”
Justin Stone
Executive Chairman of Passenger
Making a difference
Our team advised Passenger on a £15m investment from consumer-specialist investment firm Growth Partner, which is backed by HomeServe plc Founder and Chairman Richard Harpin, and which took a significant minority stake. As part of the transaction and focus on continuing to disrupt traditional markets, Steve Hewitt, former Gymshark CEO, invested alongside Growth Partner and became Chairman of Passenger.
This project was a full PwC offering with multiple areas of the business involved in driving efficiencies and supporting management processes.
None of this would have been possible without our partnership with FEBE and the team who facilitated the introduction.
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