Ann Summers has secured £8m in asset-based funding to help accelerate its growth plans.
The lingerie and sex toy retailer has secured the deal from asset-based lender Secure Trust Bank Commercial Finance (STB CF), Retail Week reported.
The deal, which sits alongside existing shareholder financing, will allow the retailer to bolster its online and instore retail offering as well as “boosting working capital across the business”.
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Ann Summers chief financial officer John Boyle said: “We have our sights set on growth for [the business] and are pleased to have increased our sales following several challenging years for the retail sector.
“It has been great to work with Tony [Young] and 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.”
Ann Summer revealed plans to open more stores in September after its full-year sales surpassed £100m.
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