UK lingerie retailer Ann Summers is set to expand its operations with the help of £8m in funding from Secure Trust Bank Commercial Finance. The asset-based money will support the company’s plans for online and in-store retail, as well as boost its working capital. Chief Financial Officer John Boyle expressed his excitement about the funding and emphasized Ann Summers’ focus on growth. Despite challenges faced by the retail sector, the company managed to increase its sales. The funding will aid its efforts to develop its omnichannel proposition in an ever-changing industry.

The £8m injection comes in addition to existing financing from shareholders and follows a successful fiscal year for Ann Summers. The company’s turnover rose to £100.1m, up from £93.2m in the previous period. This marks a significant turnaround for the company, which faced difficulties in the aftermath of the pandemic. Ann Summers implemented a 13-month company voluntary arrangement (CVA), resulting in a quarter of its stores transitioning to turnover-based rental agreements.

Despite the challenges faced, Ann Summers has a strong foundation for growth thanks to its late executive chair, Jacqueline Gold. Her three-year turnaround strategy has set the company up for success. With the additional funding and a solid platform, Ann Summers is well-positioned to continue expanding and capitalizing on opportunities in the lingerie market. The retailer’s commitment to enhancing its omnichannel presence showcases its adaptability and determination to thrive in a rapidly evolving sector.

Useful links:
1. Secure Trust Bank Commercial Finance
2. Ann Summers