Luke Johnson, one of Britain’s best-known leisure entrepreneurs, is adding to his collection of e-commerce businesses by snapping up a leading online retailer of musical instruments.
Sky News understands that Risk Capital Partners, Mr Johnson’s investment vehicle, has agreed to buy GAK, which trades from a flagship store in Brighton, West Sussex.
The terms of the deal, which will be announced on Monday, were unclear.
GAK – which stands for Guitars Amps and Keyboards – generates more than two-thirds of its revenues from online sales, but was founded by Gary Marshall on a market stall in 1992.
It sells leading brands such as Fender, Gibson, Roland and Yamaha.
Advertisement Image: Mr Johnson is one of Britain’s best-known leisure entrepreneursMr Marshall is retaining a small stake in the business but is handing over control to Risk and GAK’s joint managing directors, Max Mckellar and Ian Stephens.
A person close to the company said it was expected to generate sales of £35m and record profits during its current financial year.
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It also cements Risk Capital’s long-standing connection with Brighton – built through its ownership of The Laines Pub Company and Small Batch Coffee, while Mr Johnson is also chairman and a major shareholder in Brighton Pier Group, the listed leisure company.
Mr Johnson declined to comment.
