Acquisition of Argos by Swift Partners
About
Swift Partners is a new holding company set up by experienced retail executives Richard Pennycook, Trevor Strain and Matt Truman specifically for the acquisition of Argos. The principal shareholders in Swift are Richard Pennycook, Trevor Strain, Matt Truman, and True Capital Partners.
Swift Partners is the trading name of Swift Whistle Midco Limited and its affiliated entities who are supported by True Capital Ltd, a leading consumer and retail specialist investment and advisory firm.
Biographies
Richard Pennycook CBE
Richard has a 35 year career in retail and consumer businesses, as a CFO, CEO and Chair. His first management buyout took place in 1989, and since then he has worked for public and private household names including Laura Ashley, Wetherspoons, Bulmers, RAC, Morrisons and the Coop. His last Executive role was as CEO of the Coop, which he turned around following its near failure caused by trouble in its banking subsidiary. He now has a plural career Chairing Boards and coaching Founders, and until recently was the Lead Non Executive at the Department for Education, where he established Skills England at the request of the new Government. A past Chair of the British Retail Consortium, he established and still Chairs the Retail Sector Council, a body which operates under the auspices of the Department for Business and brings together Government, Business and the Trades Unions to promote the health of the retail sector.
Trevor Strain
Trevor has more than 30 years' experience leading retail, consumer and food businesses, serving as both a finance and operational executive. After beginning his career at Tesco, he joined Morrisons in 2009, where he held a succession of senior leadership roles including Group Chief Financial Officer and Chief Operating Officer. During his 13 years with the business he played a key role in its operational transformation, commercial strategy and financial performance, helping to lead the company through a period of significant change, including the COVID-19 pandemic and its acquisition by Clayton, Dubilier & Rice.
He subsequently joined the Boparan Private Office, working across a portfolio of businesses, supporting growth, operational improvement and long-term value creation.
Trevor brings extensive experience of finance, operations, commercial leadership and large-scale business transformation gained across some of the UK's best-known retail organisations.
Matt Truman
Matt is the Executive Chair and Co-Founder of consumer and retail specialist investment and advisory firm True. With significant assets under management spanning venture capital, growth equity and public equities and its own proprietary strategy, value creation and technology business advising the likes of DFI, Walmart, ABF, Haleon, TJX Inc, Warner Brothers Discovery, Primark and M&S; True has a unique business model and perspective with investments across the capital spectrum.
True is a consumer and retail sector-specialist investment and advisory firm, taking a holistic approach to building and growing brands, retailers and technologies that represent the future of the industry. True invests across the size spectrum including venture capital, growth investments and public equity opportunities with a current portfolio of >75 investments.
True are long term owners focused on growth across its nine investment vehicles. Its portfolio includes notable success stories, The Cotswold Company which has grown from £29m of revenue to £123m while organically opening 15 shops, Zwift, which has its software available in 190 countries, Apparel Brands which has delivered strong growth while building a US and European business along the way and GDK, which operates hundreds of franchise restaurants across the world, with plans to open significantly more across the globe in the coming years. Its public equities business includes high-quality long-term holdings in Games Workshop, Cranswick and Moonpig and its venture capital business has realised assets to EQT, Genius Sports and Just Eat with Fund I delivering top quartile returns across Europe.
True’s advisory business advises many of today’s industry leaders on strategy, value creation and technology. Its >25 corporate partners include 6 FTSE 100 companies including Haleon, M&S, ABF and Primark alongside prominent S&P 500 companies Warner Brothers Discovery, Walmart and TJX Inc.
True is a registered B-Corp and actively supports a number of charities centred on social mobility including funding projects led by the Centre of Social Justice founded by Sir Ian Duncan Smith, Universify; and the Twinning Project founded by David Dein and Jason Sweetenham. True’s advisory board includes Sir Ian Cheshire (Kingfisher, Barclays, Spire healthcare) and Hannu Ryopponen (Ahold, Ikea, Amer Sports). Its senior advisors include Christine Hodgson (Whitbread & Severn Trent Chair, former UK CEO Cap Gemini), Mark McClennon (ex Burberry, Unilever CIO) and Zillah Byng Thorne (CEO Dignity, ex CEO Future Plc, NED Flutter) all supported by a global institutional investor base.
Media Contact
Simon Rigby
T: 07771784446