Manchester fashion start-up Grandeur Clothing secures £400k funding
Manchester-based Grandeur Clothing, launched in 2017 by young entrepreneur, Shahriya Miah, has secured a £400k funding package with Bibby Financial Services (BFS) to support its rapid growth.
Grandeur Clothing started out as an online-only retailer selling luxury menswear, but after seeing opportunities offline it shifted its business model to wholesale – achieving quick growth ever since, expanding in to womenswear and childrenswear, supplying the likes of ASOS, JD Sports and TK Maxx.
The funding will support customer orders and ongoing working capital, and Grandeur Clothing expects to turnover £1.5m in the next 12 months, up 300% on its original growth plan.
Stuart Rowson, commercial director at Grandeur Clothing, commented: “As a fast-growing business still in its infancy, we found that while our order book was growing, it was increasingly difficult to pay our suppliers in advance and procure the materials required to meet growing demand. This meant we were sometimes limited to the number of opportunities we could pursue. With BFS’s trade finance facility in place, this will no longer hold us back.”
With overseas suppliers in Pakistan, Turkey and Bangladesh, BFS has structured a combined invoice and trade finance facility to bridge the cashflow gap between buying from suppliers and receiving payment from customers.
Sarah Williams, business development manager for the north at Bibby Financial Services, said: “Trade finance is perfect for businesses like Grandeur Clothing, which imports from overseas. The combined package will help the business unlock the funds needed to fulfil orders, removing the day-to-day pressure of purchasing from suppliers while improving cashflow and growing sales. The facility has allowed the business to realise its potential, accelerating its growth far ahead of schedule.”
Formed in 1982, Bibby Financial Services is a leading independent financial services partner to over 10,000 businesses worldwide.