A YORK musical instrument retailer is ready to roll its business out across Europe after being backed by private equity house Key Capital Partners (KCP).

KCP has invested £3.4 million in a minority stake in Gear4music.com, which will enable the company to expand its European exports across 22 countries.

Gear4music.com is about to launch 22 new localised versions of its e-commerce website, developed specifically for their targeted territory, which Andrew Wass, managing director, said would increase its presence on the continent.

Gear4music.com was supported in investing in its internal systems through a refinancing deal with Yorkshire Bank last July. Now KCP’s investment will enable it to further develop its technology platform and increase product ranges, he said.

Mr Wass, who founded the business in 2003, said turnover had increased from £7 million in 2008/09 to £10.2 million in 2011/12, and he expected they would need to add to the 40-strong workforce in York as the company expands.

“We will keep on growing and my ultimate vision is to be the number one player in our marketplace, giving really good value and encouraging more people to play musical instruments,” he said.

Gear4music.com, which has a showroom and retail outlet in York, has developed its own range of branded products, including Coppergate brass instruments and Minster keyboards and pianos, which it sells alongside well-known brands. Mr Wass said: “We have got about eight brands of our own at the moment and we already sell quite a lot in Europe, but we’ve not really been trying hard enough.”

As part of the deal, KCP director Mark Buttler has joined the Gear4music.com board along with new chairman Dean Murray, who is also chairman of furniture business Neville Johnson and a non-executive director of French Connection.

Mr Buttler, who led the deal for KCP, said: “We believe the company has a foothold in the European e-commerce market and we anticipate revenue from European markets to increase considerably following our investment.”