Retail systems provider, Citrus-Lime, has secured a multimillion-pound investment from BGF – one of the UK and Ireland’s most active growth capital investors.
Following “significant traction across the UK, the United States, Europe and Australia”, Citrus-Lime has established itself as a leading supplier of EPOS systems in the industry. The investment from BGF will support the company’s next phase of expansion, enabling further development of its technology and accelerating its domestic and international growth plans.
Neil McQuillan, founder and CEO of Citrus-Lime, said: “Our priority is to keep enhancing the platform in ways that make a real difference on the shop floor, simplifying workflows, improving visibility and supporting growth.
“BGF’s backing means we can accelerate development, strengthen the support experience that underpins our success and bring the benefits of Cloud POS to even more retailers worldwide.
“Independent bike dealers are at the heart of everything we do. Since launching Cloud POS, our focus has been to remove the everyday challenges that make trading harder, giving retailers the tools they need to work efficiently and confidently.
“The investment from BGF allows us to continue improving the technology and the support we provide to our customers, while expanding our reach globally.”
Citrus-Lime origins
Established by Neil McQuillan in 1999, Citrus-Lime began as a pure technology company. In 2014, Neil – an active outdoor enthusiast – noticed a gap in the market for a complete Point of Sale solution in the independent retailer sector.
At this point, Neil set about combining his love of the great outdoors with a talent for all things programming. The next two years saw the investment of significant time, resources and energy, researching the market to develop software that addresses the everyday issues faced by independent retailers in the cycle, outdoor and equestrian space.
That hard work sees Citrus-Lime as one of the UK’s leading suppliers of cloud-based Point of Sale systems.
International markets
In addition to the UK, Citrus-Lime supplies Cloud POS to retailers across Europe and Australia. In 2022, Cloud POS launched in America and has since been quickly adopted by US cycle retailers.
Cloud POS forms the foundation of Citrus-Lime’s End-to-End Cloud Retail Solution, designed specifically to help retailers stay ahead of the changes in modern retail.
The deal was led by BGF investors, Josh Bean and Courtney Walker. Josh added, “Citrus-Lime is a standout business with a growing and increasingly international customer base. It is highly scalable and addresses a clear market need, positioning the business for significant growth. We’re backing an experienced leadership team and look forward to supporting Citrus-Lime as it enters its next phase of expansion.”
About BGF
BGF was set up in 2011 and has invested more than £4.7 billion in over 600 companies, making it the most active investor in the UK and Ireland. Its main shareholders are Barclays, HSBC, Lloyds and NatWest.
BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses through its network of 15 offices.
Reflecting its confidence in British scale-up opportunities, BGF has pledged to invest at least £3 billion over the next five years.
