Fragrance Group London has secured a £600k funding facility from different lender Growth Lending, to improve working capital forward of peak seasonal durations and maximise its gross sales potential throughout its international distribution community.
The versatile bill discounting facility from Growth Lending may even allow the enterprise to construct on current growth and increase its portfolio of perfume manufacturers.
The Fragrance Group specialises within the creation, advertising and distribution of signature fragrances and wonder merchandise. Within its model portfolio is international life-style model ELLE, award-winning singer Michael Bublé and British designer Matthew Williamson.
The firm has established relationships with excessive avenue distributors and retailers within the magnificence trade, comparable to Boots and Superdrug, to expose its manufacturers to a world viewers in over 30 international locations.
The firm has chosen to work with Growth Lending as senior management had been impressed with the Growth Lending workforce and the simplicity of the product as compared to its earlier financing association. Growth Lending was in a position to supply a versatile GBP, USD and EUR facility with the power to scale to cater for the Fragrance Group’s bold growth plans.
Growth Lending had a file 2021, offering £64m underneath the federal government CBILS initiative, to support companies via the pandemic and goals to double in dimension by the top of 2022.
Paul Devin, CEO of Fragrance Group London, commented: “This funding from Growth Lending comes at an thrilling time for the enterprise as we head in direction of the height Christmas gross sales interval and look to maximise the publicity of our manufacturers.
“We even have a number of new product launches within the pipeline, together with a trio of sustainably and ethically sourced fragrances for the NaturELLE assortment.
“The facility will present us with the working capital to proceed our upwards growth trajectory and add extra manufacturers to our increasing portfolio. It’s been a pleasure working with Julian and Mike and we glance ahead to their continued support.”
Julian Hornby, principal at Growth Lending, added: “Working with the Fragrance Group and getting to know the enterprise has been an excellent expertise. We have been notably impressed by the robust administration workforce and really a lot look ahead to constructing a long-term partnership and watching the corporate proceed on its thrilling growth trajectory.”
By Matthew Neville – Correspondent, Bdaily
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