Ann Summers has obtained £8m in asset-based funding to accelerate its growth plans, as reported by Retail Week.
The lingerie and sex toy retailer secured the funding from asset-based lender Secure Trust Bank Commercial Finance (STB CF), in addition to existing shareholder financing. This deal will enable the company to enhance its online and in-store retail offerings, as well as increase working capital across the business.
John Boyle, chief financial officer of Ann Summers, stated, “We have our sights set on growth for [the business] and are pleased to have increased our sales following several challenging years for the retail sector. It has been great to work with Tony [Young] and the STB team, who have taken the time to understand our business and our objectives. The funding from STB will help us to continue to build our omnichannel proposition in a continuously evolving sector.”
In September, Ann Summer announced plans to open more stores after its full-year sales surpassed £100m.
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