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FF&P Private Equity has backed the management buyout of property services firm David Phillips.

David Phillips is a furniture supplier to the residential property market, covering individual properties as well as multi-unit buildings for developers, landlords and local authorities. Notable work includes furnishing the redevelopment of Arsenal's former Highbury Stadium.

The company launched a furniture rental business in 2010 which has grown profits by over 100 per cent in the last 12 months, in particular capitalising on the "dress to sell" market, as clients seek to maximise the sale value of their properties.  

The company expects further growth with the increase of rented properties in the UK housing market. Turnover is forecast to be over £20m (€25m) this year, up 30 per cent on the previous year.