Construction Materials Online (CMO) has secured nearly £9 million of finance from Key Capital Partners (KCP) to grow the company.

The £8.65m deal will see KCP take a majority stake in the Plymouth-based business, which operates retail sites supplying DIY builders and small building contractors.

As part of the deal, Mike Fell and Philip Duquenoy will join the board of CMO alongside Operations Director Callum Tasker, Technical Director Chris Dorey, E-commerce Director Adrian Saunders and Marketing Director Liz Orgill. In addition, former Gear4music Chairman Dean Murray will join the board of CMO as Chairman.

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Philip Duquenoy, partner at KCP, said: "CMO has seen a remarkable revenue and profit trajectory and is now a serious challenger in a very large and growing sector.  It is already supplying over 45,000 different products to DIY and commercial builders, thanks to a disruptive model that offers swift nationwide doorstep delivery and competitive pricing to trade and retail customers.

"The UK market for these products is growing and with a strong brand proposition, a savvy digital marketing strategy and expanding and diversified product lines, CMO has a unique opportunity to expand very quickly with the resources, expertise and capital we are investing."

(LM/MH)