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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Development Bank of Wales provides £500,000 to IT repairs business
Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales
Wesleyan Bank names new director
Wesleyan Bank has strengthened its management team with the appointment of Simon Welling (pictured above) as its director of sales and marketing.
Cash Isa savers missing out on transfer market
Half of cash Isa savers aged 55-plus (50%) have never moved their accounts to another provider, according to a new study.
CivilisedBank secures further funding
CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
A round-up of the latest specialist banking products
With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
Hanley Economic BS rebrands
Hanley Economic Building Society has rebranded as it launches its first ever TV advertising campaign.
Lydia raises a further €13m
Lydia has announced that it has raised a further €13m, taking the total amount raised by the French fintech start-up to over €23m.
Fintech as a force for good
The big news around fintech focuses on the many ways it is already making financial services more profitable, more scalable, more secure and more user-friendly.
FIBA commits to 30 events
The Financial Intermediary & Broker Association (FIBA) has announced 30 regional meetings for its members and intermediaries interested in joining the Association.
20% of brands to abandon their mobile apps by 2019
A fifth of brands will abandon their mobile apps by 2019 due to a lack of adoption and customer engagement, according to a study by research and advisory company Gartner.