According to a report in today's TIMES, Microsoft founder Bill Gates has bought into UK furnishings retailer, Carpetright. The 3% investment has been made via the Cascade Investment LLC, the personal investment company of the billionaire. The investment is thought to be worth £15 million.
The UK furnishing market has been going through a tough time. The credit crunch and the consequent reduction in home moving activity has reduced underlying demand. The early May hot weather also saw demand for products such as beds drop as consumers directed their attention to outdoor activities. Gates' advisers have obviously spotted a European buying opportunity. The UK remains outside of the Euro, which has strengthened significantly against the US Dollar.
Carpetright is led by Lord Harris of Peckham, who founded the business in 1988. Carpetright has stores in Belgium, the Netherlands and Poland.
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