taking on theworld.(BSAL Features)(Espa's global expansion)

Selling a minority share to a Dubai-based company has opened up new markets for Espa. Annette Hanford reports

Following the recent sale of a 40% stake in Espa to Dubai-based Istithmar World Capital, you'd be forgiven for thinking Susan Harmsworth would be relinquishing some of her responsibilities as chief executive, and taking a step back from the spa product, treatment and design company she founded.

However, this could not be further from the truth, as she's now working harder than ever. The company's globalisation might mean there are more people employed, but Susan - who is still very involved in spa design and product development - says they still continue to need leadership and teaching.

Until now, Susan regularly declined offers from companies wanting to buy or invest in her business. "Running at double-digit growth, we felt we could have run another couple of years without taking investment. However, we felt if we were to take outside investment, it would be because we wanted to get bigger and expand globally."

There is a huge boom in the spa sector, with many more players coming into the market, but many, she says, don't have the experience to succeed. "There is a lot of damage being done to the industry, huge mistakes with capital spend and white elephants being built.

the right project

"However, latterly, we were turning down projects we shouldn't have been, either because they were geographically difficult or we didn't have the right staffing in that part of the world. We were also approached by several skincare companies worldwide, but I felt Espa would have got swallowed-up and maybe compromised. I wasn't interested in selling the company, so when Istithmar approached us, I originally said no."