Secure Trust Bank Commercial Finance (STB CF), a leading UK asset-based lending (ABL) provider, has provided an £8 million ABL facility to British retail business Ann Summers (the Company). The facility supports existing shareholder financing and comes after an increase in sales for the Company in the financial year ending June 2022.
The facility will support further business growth by enabling the Company to further develop its ecommerce and online retail offering, as well as boosting working capital across the business.
John Boyle, CFO, Ann Summers 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 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 omni-channel proposition in a continuously evolving sector."
Tony Young, Regional Sales Director (London and South East) at Secure Trust Bank Commercial Finance, said: "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, which has big plans and a bright future ahead of it. This is another great example of how ABLs can support retailers and other businesses 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."