Furniture boss who started on eBay eyes £100m payday – Telegraph.co.uk
The stake sale will be a dramatic turnaround for Mr Bannister, who started his career as a furniture salesman in his hometown of Burnley before joining a consumer credit company that was impressed by the number of sofas he sold on finance.Â
His return to the furniture industry came in 2004 when he used a Â£10,000 home extension loan to buy a container of hardwood, which he sold online.Â
Using deals with factories in India, by 2006 his business was making Â£2.7m in sales on eBay.Â
The success prompted Bannister to set up a separate website for Oak Furniture Land, and the firm opened its first store in 2008, the same year that MFI collapsed into administration.
The chain now has 75 shops across the country. It currently employs more than 1,200 staff and processes approximately 400,000 orders a year.Â
In 2014 a new brand, SofaStore.com, was added to the company.