Moda in Pelle to expand after Â£3.5 million deal
Footwear retailer Moda in Pelle has received a Â£3.5 million funding boost from the Business Growth Fund.
The retailer, which operates nearly 60 stores and concessions across the UK, will use the new capital to accelerate the roll-out of new stores, and will also enhance the in-store customer experience and further develop its website and other e-commerce channels.
Following a successful 12 months with year-end revenues expected to be close to £20 million, Moda in Pelle has also extended its management team. David Inglis will join as chief executive while Judith Pilkington, who was introduced through BGF’s talent network, has been appointed to the board as non-executive chairman.
Inglis has previously held senior roles at Asda and Shop Direct, while Pilkington is the former chief executive of Space NK and has also worked with Fenwicks, Selfridges, Harrods and Mappin & Webb.
At Moda in Pelle, Inglis and Pilkington will work alongside Stephen Buck who founded the company in the mid-1970s. Buck and his wife Claire will remain the majority shareholders.
Meanwhile, BGF will take a minority stake and BGF investment director Richard Taylor will join the board as a non-executive director. As part of the investment, the company has also secured an increased working capital facility from Lloyds Bank.
Buck said: “Over the past 40 years, we’ve created a tremendous amount of brand capital among a loyal customer base by focusing on quality design and manufacturing. After a particularly strong period of growth, we want to pursue new opportunities to fully exploit the brand’s potential. David has an acute understanding of what we want to achieve, and brings with him energy, determination and strong background in the retail sector. I’m delighted that he will be joining the team.”
Inglis added: “We have ambitious goals for Moda in Pelle. Developing our multi-channel offering will be a primary focus over the next 12 months, and we will continue to explore new opportunities with wholesale and internationally."
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