Secure Trust Bank Commercial Finance has provided a £12.5m asset-based lending facility to Calvetron Style Holdings.
The facility will support investors following a pre-pack deal in which Calvetron acquired Shoreditch-based Style Group Brands in June 2017 and, in the process, secured more than 1,700 jobs.
Style Group Brands operated a number of womenswear brands, including Jacques Vert, Precis Petite, Eastex and Windsmoor.
The company traded from more than 1,850 outlets, mainly department stores such as House of Fraser and Debenhams.
Sean Powell, national sales director at Secure Trust Bank Commercial Finance (pictured above), said: “To be able to complete such a sizeable facility within the retail sector supporting both the initial investment and ongoing growth of the business is extremely pleasing.
“Following the acquisition, Style Group Brands has undergone a significant transformation and now has the potential to become a conglomerate fashion group with a global reach.
“The company already has some household name brands in its portfolio, and with the direction of the team at Calvetron, we are confident it will continue to boost its profile both at home and abroad.”
Calvetron Style Holdings is a recently formed group of retail investors, which includes former Jaeger owner Harold Tillman, together with Sandeep Vyas and Haseeb Aziz.
“The team at Secure Trust Bank was able to identify the needs of the business and provide funding that will help stabilise and enable future growth,” added Mick Welden, CFO at BREAL Group, which advised on the transaction.
“The speed of delivery was particularly impressive, as given the nature of the deal, there was pressure to create a facility with the right structure in a short timeframe.
“The team’s efforts have helped us secure the jobs of more than 1,700 people, as well as putting us in a strong position to achieve future growth objectives.”
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