Baird Group secures £7m funding to support international expansion
Baird Group, owner of Suit Direct and formalwear licence holder for Ted Baker, has today announced it has secured a £7m funding package from Bibby Financial Services (BFS), to support the business’s international growth.
The partnership will ensure that the Yorkshire-based menswear retailer and wholesaler – which has a growing roster of leading garment suppliers around the world, including in Egypt, China, Bangladesh, India, Pakistan, Vietnam and Turkey – can increase stock volumes, particularly from new and existing suppliers in Asia.
With a heritage dating back to 1894, formalwear specialist Baird Group employs more than 500 employees worldwide, with high street customers including John Lewis, House of Fraser and TK Maxx.
In 2016 Baird Group acquired the UK licence for Ben Sherman, working in partnership with brand owners Marquee Brands to supply clothing production globally for the brand.
Baird Group is now the master licence holder for Ben Sherman adults casualwear and formalwear and holds the licence for the majority of the EU. It also operates 12 Ben Sherman stores and supplies the brand to several key wholesale accounts.
Additionally, Baird Group owns the UK licence for Jeff Banks menswear, and wholly owns brands, including Gibson London, Racing Green, Alexandre London, Scott & Taylor, Antique Rogue and Limehaus.
Nick Scott, Group Chief Financial Officer and Director at Baird Group (pictured above), said: “Our vision is to be the go-to brand for affordable and stylish menswear, and we wanted to partner with a funder that understood our past, but also our future.
“Our financing partnership with BFS is a key part of our ambitious expansion plans, and will undoubtedly enable us to grow domestically and overseas.
“To achieve our growth ambition, we need to increase stock volumes from new and existing overseas suppliers, so it was critical that we could partner with a financier with both international experience and a flexible approach.”
David McIntyre, Corporate Manager at Bibby Financial Services, commented: “The key to this transaction was our ability to provide funding for Letters of Credit, enabling Baird Group to significantly increase stock volumes from its international suppliers.
“Combined with our invoice finance specialism, our international trade expertise provides a compelling proposition for businesses importing and exporting, and we look forward to seeing the business go from strength-to-strength with this tailored working capital package in place.”
Baird Group are part of the Arafa Group. Arafa Holding is a leading global textiles and apparel manufacturer and retailer based in Egypt.