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British retailer Ann Summers has secured £8m in asset-based funding from Secure Trust Bank Commercial Finance, Retail Week has revealed.
The deal will help the retailer bolster its physical and online retail offerings, on top of “boosting working capital across the business.”
Ann Summers chief financial officer John Boyle said: “We have our sights set on growth for Ann Summers 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 really 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.”
STB CF regional sales director Tony Young added: “We’re pleased to provide this facility to Ann Summers and to be working with the experienced management team. It is exciting to work with a household name that has big plans and a bright future ahead of it.
”This is another great example of how ABLs can support retailers and other businesses to finance growth. We have worked closely with the management team to structure a facility that is ideally suited to supporting Ann Summers to achieve its strategic objectives over the next few years.”
