Member Article

Simon and Simon aims to break £1m with Positive funding

A North West menswear fashion business has secured a significant funding line from Manchester-based invoice finance specialist Positive Cashflow Finance and is on target to reach £1m turnover by March 2014.

Simon and Simon, based in Bolton, distributes its range of own-branded formal wear to both wholesale and retail outlets. Currently employing 10 staff, the company has a pop-up shop in the Liverpool One shopping centre and recently made the move into ecommerce.

With the funding facility in place, Simon and Simon plans to expand its retail division, with further stores planned for Birmingham, Manchester and Chester. It also aims to extend the profile of its website to overseas consumers. The funding will support the company to invest in new materials, and provide a vital foundation for growth.

Simon Peters, owner of Simon and Simon, said: “Positive’s finance facility has enabled us to realise our potential, and has meant that we can be more ambitious with our plans for next year. I am looking forward to opening our new outlets, and bringing our products to a wider online audience in 2014.”

David Smith, managing director at Positive Cashflow Finance, said: “This deal gives us an excellent opportunity to extend our portfolio in the retail sector. The industry is extremely competitive, but Simon and Simon has a unique proposition that we believe in. The company has an excellent business plan, and we are confident that with our help, Simon and Simon can go from strength to strength.”

Positive has offices in Manchester, Birmingham and Basingstoke and offers facilities from £10,000 to £1million to clients.

This was posted in Bdaily's Members' News section by Graham Vincent .