Ann Summers secures extra funding for expansion

Ann Summers secures extra funding for expansion

Ann Summers is bolstering expansion plans announced in September with an additional £8 million in funding.

Ann Summers

The asset-based money from Secure Trust Bank Commercial Finance (STB CF) will allow the UK lingerie retailer to press ahead in expanding its online and in-store retail plans while also boosting working capital across the business, it said.

Ann Summers chief financial officer John Boyle said in a release: “We have our sights set on growth and are pleased to have increased our sales following several challenging years for the retail sector.”

He explained the funding would help Ann Summers continue to build its “omnichannel proposition in a continuously evolving sector.”

The cash injection sits alongside existing shareholder financing and comes after an increase in sales for the fiscal year ended June 2022 when its turnover rose to £100.1 million from £93.2 million during the period.

The turnaround of the business follows a tough post-pandemic period having operated under the shadow of a 13-month company voluntary arrangement (CVA) that saw a quarter of its stores move to turnover-based rental agreements.

Last March, its charismatic executive chair Jacqueline Gold died after a long battle with breast cancer. However, her legacy was putting into place a three-year turnaround strategy that has now given the retailer a strong platform for growth.

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