A spokesman for Maximo Group said: “We are bringing together two leading direct-to-consumer businesses, both with proven track records of growth and profitability.

"The brands have strong synergies in terms of customer base and brand offering, while also presenting opportunities for growth and differentiation within this dynamic market.” 

Allbeauty has a store in Smith Street. The business was established in 2004 and employs more than 160 people, including 70 in the Guernsey head office. 

“This is truly an exciting time for staff and shareholders alike and a great investment for Guernsey," the spokesman added. "We expect to be increasing the Guernsey-based team to facilitate growth and are already looking for larger office premises.” 

Pictured: The Guernsey Investment Fund is a closed-ended scheme that invests public money and private funds into businesses within the Bailiwick and further afield. 

The Guernsey Investment Fund has been a minority shareholder in allbeauty for some time and has supported the owners to embark on an expansion plan through acquisition.

Fragrance Direct was identified as a company with a similar culture and after a period of discussion it became clear that combining both would provide a stronger proposition for its customers, suppliers and staff. 

The existing shareholders have been joined by a number of new investors, and the Guernsey Investment Fund has made a further "significant" but undisclosed investment.