The newly secured funding supports Ann Summers’ existing shareholder financing and aims to support further business growth in its online retail offering, as well as boost the working capital across the business.
This strategic move comes hot on the heels of the retailer reporting an increase in sales of 7.4% to £100.1m for the 52 weeks ending 25 June 2022, according to The Standard.
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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.
He added the funding from STB will help Ann Summers continue to build its omni-channel proposition in what he described as a continuously evolving sector.
Secure Trust Bank Commercial Finance regional sales director (London and Southeast) Tony Young said Ann Summers is a household name with “big plans and a bright future ahead of it”.
Young continued: “This is another great example of how ABLs can support retailers and other businesses finance growth.
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By GlobalData“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.”
