Russian billionaire buys stake in royal furniture maker

UK based royal furniture maker Linley is set for international expansion after a deal with a Russian billionaire.

Sergei Pugachev, who part-owns the giant Moscow-based United Industrial Corporation (OPK), has bought a stake in Viscount Linley’s business.

The move will see branches of the upmarket store open in Moscow and Hong Kong, with a third overseas location yet to be selected.

The deal’s financial terms have not been disclosed, but the Viscount, 46, who is Princess Margaret’s son, has kept a majority share in his firm.

As well as owning a main part of the banking-to-shipbuilding giant OPK, Mr Pugachev is a senator in the Russian Federation with reported close links to the Kremlin. He will also join Linley’s board.

Trained cabinet maker Linley said: “I am thrilled that Senator Pugachev is joining us. “As well as being a friend, he is someone whom I admire greatly in all that he has achieved professionally.

“His understanding and knowledge of the luxury goods business make him the perfect partner for the international expansion strategy of Linley.

“We also share an appreciation of fine craftsmanship and design.”

The Viscount founded Linley in 1985. It now boasts two shops in England and employs around 50 people. The Viscount has gone on to interior design hotel suites and properties around the globe.

Last year Mr Pugachev diversified into the luxury goods business when one of his investment vehicles bought the luxury French brand Hediard.

His group also includes the television channel Luxe TV which reaches an audience of 380 million viewers in Asia, Australia, Europe, India the Middle East and North Africa.