Ann Summers secured £8m in asset-based financing to expedite its growth strategies, as revealed by Retail Week.
The intimate apparel and adult toy merchant attained the funding from asset-based lender Secure Trust Bank Commercial Finance (STB CF), in addition to existing shareholder funding. This agreement will empower the company to enrich its online and brick-and-mortar retail offerings, as well as bolster working capital throughout the business.
John Boyle, Chief Financial Officer of Ann Summers, remarked, “We are targeting expansion for [the business] and are gratified to have boosted our sales after enduring several demanding years for the retail industry. It has been a pleasure to collaborate with Tony [Young] and the STB team, who have dedicated time to comprehend our business and goals. The financing from STB will support our efforts in advancing our multichannel offering in a perpetually evolving sector.”
In September, Ann Summer disclosed intentions to inaugurate more outlets following its annual sales surpassing £100m.
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