Ann Summers secures £8 million in new funding
Ann Summers has secured an £8 million asset-based lending facility from Secure Trust Bank Commercial Finance to fund future growth.
The lingerie retailer will use the few funds to develop its online retail offering and also for working capital.
The news follows stronger trading for Ann Summers in the year ending June 2022 when turnover rose from £93.2 million to £100.1 million.
John Boyle, chief financial officer at 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.
“The funding from STB will help us to continue to build our omnichannel proposition in a continuously evolving sector.”
The new funds sit alongside existing shareholder financing.