Baird Group, the license holder of brands Suit Direct and Ben Sherman, has secured 7 million pounds in funding from Bibby Financial Service to support its international growth.
The group said a key part of the transaction was to enable it to fund letters of credit – guaranteeing payment from Baird Group to its suppliers in Asia – to boost stock volumes and facilitate the group’s growth ambitions.
Nick Scott, chief financial officer and director of Baird Group, said in a statement: “Our vision is to be the go-to brand for affordable and stylish menswear, and we wanted to partner with a funder that understood our past but also our future.
“To achieve our growth ambition, we need to increase stock volumes from new and existing overseas suppliers, so it was critical that we could partner with a financier with both international experience and a flexible approach.”
Baird Group was founded in the 1890s, and today employs more than 500 workers worldwide.
The group launched a company voluntary arrangement (CVA) in 2020 after being hit hard by the pandemic and the administration of Debenhams, where it had various concessions.