Ann Summers, the leading UK lingerie retailer, is propelling its expansion plans forward with an additional £8 million in funding from Secure Trust Bank Commercial Finance (STB CF). This asset-based funding is a pivotal step in empowering Ann Summers to advance its online and in-store retail expansion initiatives while enhancing overall working capital.
John Boyle, Chief Financial Officer at Ann Summers, expressed optimism about the growth trajectory, stating, “We are focused on growth and are pleased to have achieved increased sales, overcoming the challenges faced by the retail sector in recent years.” This funding will play a crucial role in solidifying Ann Summers’ omnichannel strategy within the ever-evolving retail landscape.
This financial infusion, complementing existing shareholder financing, follows a positive sales uptick in the fiscal year ending June 2022, with turnover rising to £100.1 million from £93.2 million in the corresponding period.
The business’s resilient turnaround comes after navigating a 13-month company voluntary arrangement (CVA), resulting in a quarter of its stores transitioning to turnover-based rental agreements. Despite these challenges, Ann Summers has rebounded, and the recent funding boost positions the retailer for robust growth.
The late Jacqueline Gold, the charismatic Executive Chair who passed away last March after a prolonged battle with breast cancer, left a transformative legacy. Her visionary three-year turnaround strategy has laid the foundation for Ann Summers’ sustained growth and success.
