Sovereign Grooming recently secured a six-figure funding package to open new salons in Edinburgh and Glasgow.
Aberdein Considine advised the business on both the investment and commercial lease and has supported its founders since the firm launched in 2016.
The business has been backed by a group of investors led by MB Martin & Partners Ltd, which specialises in helping high-potential early stage companies grow.
Alongside the funding, Sovereign has also agreed a 10-year lease on a 1,118sq ft unit within Edinburgh’s New Waverley development, near the Royal Mile, and opened in the capital in April 2021. A third salon, in Glasgow City Centre, will follow soon.
Sovereign Grooming offers luxury hair and beard services alongside a unique blend of male-focussed waxing, massage and facial treatments. Founder Kyle Ross has won a catalogue of industry awards since opening on Aberdeen’s Union Street in 2016, and has been named among the UK’s elite barbers by GQ Magazine.
The business, which started life as a sole trader, had to be sold into a new limited company structure with the support of Aberdein Considine. The company also had to be structured to support investment through the UK Government's Enterprise Investment Scheme.
MB Martin & Partners Ltd Chief Executive, Moray Martin, joined Sovereign’s board as chairman under the deal and will support the business founders through the growth phase.
An employee share scheme has also been carved out as part of the deal, which over time will see 10% of the business owned by loyal and strategically important staff.