Snag gets fit for expansion after £2m bank deal
Inclusive hosiery and clothing e-retailer Snag Tights has raised more than £2 million to expand in the UK and overseas.
Founded in 2017, Snag’s annual turnover has grown rapidly from £3.5m in its first year of trading to £45m currently. As part of its expansion plans, it is targeting a turnover of £80m by mid-2023.
Santander has agreed to provide funding in excess of £2m to support group’s growth plans. As part of the funding, the business has also moved its day-to-day banking to Santander. The two companies were introduced at last year’s Growing Business Awards, which Santander supported.
The funding package has already supported the company in increasing its staff from 60 to 90, and it anticipates hiring an additional 60 staff over the next year.
Key to the expansion is its move to a new warehouse in Livingston, which will be double the size of its current premises. The increase in capacity will be crucial given the business’ recent product diversification and expansion into leggings, t-shirts, skirts and swimwear.
Snag Group sells its products exclusively through its tailored websites in ten geographic markets and has customers in 90 countries. It is now focusing on growing sales in the US by ramping up its social media marketing activity in the country. Santander will also provide the company with international expertise in addition to the funding package.
Brie Read, CEO of Snag Group said: “I started Snag Group after my own very embarrassing moment wearing tights while walking along a busy Edinburgh city centre street. We are now a rapidly growing e-commerce business and are excited to be working with Santander UK, which has worked hard to understand our needs and prospects, with a view to helping us achieve more rapid growth. It’s so refreshing to be able to pick up the phone or email a member of the team and have access to all the support we need.”
Kirsty Johnston, Relationship Director at Santander UK, said: “We are delighted to have become Snag Group’s banking partner and look forward to supporting its journey of international expansion and growth. Santander UK is pleased to support businesses like this that champion inclusiveness and produce products that minimise environmental impact.”
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