Ann Summers secures new funding to support omnichannel growth

The high street lingerie chain has secured the funding from asset-based lender Secure Trust Bank Commercial Finance (STB CF).

It will allow Ann Summers to develop its ecommerce and online retail offering, as well as boosting working capital across the business.

John Boyle, CFO 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.

"It has been great to work with the STB team, who have taken the time to really understand our business and our objectives.

"The funding from STB will help us to continue to build our omnichannel proposition in a continuously evolving sector."

Tony Young, Regional Sales Director at Secure Trust Bank Commercial Finance, added: "We’re pleased to provide this facility to Ann Summers and to be working with the experienced management team.

"It is exciting to work with a household name, which has big plans and a bright future ahead of it. This is another great example of how ABLs can support retailers and other businesses finance growth.

"We have worked closely with the management team to structure a facility that is ideally suited to supporting Ann Summers to achieve its strategic objectives over the next few years."

The deal sits alongside existing shareholder financing and comes after an increase in sales for the business in the financial year ending June 2022.

It saw turnover rise from £93.2 million to £100.1 million during the period. This was attributed to its stores, as well as business strategies such as an enhanced digital customer experience and increased range of diverse skin tones.