Moda in Pelle has outlined plans to roll out stores throughout the UK and internationally ahead of a brand refresh in autumn 2015, using newly-garnered funds.
The bank-backed Business Growth Fund (BGF) has led the deal alongside new CEO at Moda in Pelle David Inglis, who has previously served as an advisor to the company.
Founded in Leeds in the 1970s by Stephen Buck, the designer and retailer of women’s footwear now has 60 sites and expects to post revenues of around £20 million for 2014. The BGF has been brought in so that the management team can be expanded and new stores opened.
Buck comments, ‘After a particularly strong period of growth, we want to peruse new opportunities to fully exploit the brand’s potential.
‘David [Inglis] has an astute understanding of what we want to achieve, and brings with him energy, determination and strong background in the retail sector.’
Joining Inglis, who has previously held positions Asda and Shop Direct, on the board are BGF investment director Richard Taylor and former Space NK chief executive Judith Pilkington. Stephen and Claire Buck will continue to be majority shareholders.
More on the Business Growth Fund:
- CEO Stephen Welton on equity for growth
- BGF looking to stand the test of time
- Two years of operation in numbers
Inglis says, ‘Developing our multi-channel offering will be a primary focus over the next 12 months, and we will continue to explore new opportunities with wholesale and internationally.
‘The investment from BGF, alongside an increased facility from Lloyds Bank, provides us with the capital to implement our plan.’
Moda in Pelle is the second footwear business to be backed by the BGF, after Shuropody in September 2012. Back then, the Coventry-based specialist footwear firm received £3 million. BGF’s wider retail portfolio includes formal hirewear business ACS Clothing, cycling retailer Rutland Cycling and garden products chain Primrose.
BGF’s Taylor says, ‘We’re backing Moda in Pelle because of the strength and capabilities of its management team and the growth potential of the business.’
