£2.3m funding package helps footwear firm’s international trade ambitions

Aldermore, the specialist bank with offices in Manchester’s Spring Gardens, has agreed a new funding deal worth £2.3m with Northern Sole Supply Co Limited, the fashion, accessories and footwear brand specialists.

Northern Sole owns, distributes and licenses branded clothing, accessories and footwear to department stores, sports chains, fashion labels and about 400 independent stores across the UK, Ireland and Europe.

The company works closely with footwear and accessories brands to enhance their sales by designing and distributing new products for them. Founded in 2016, the business is headquartered in Manchester and has a showroom off Brick Lane in Shoreditch.

Juls Dawson, co-founder, said: “Thanks to Aldermore, we have access to the cash flow we need to run and grow the business. Crucially, we now know that we have the capital to fulfill new orders to sustain our growth.”

Eyal Tzabari, fellow co-founder, added: “Aldermore provided us with the clarity and support we needed to meet our funding needs and were able to offer a better, more flexible finance solution than other providers.”

Laura Poncini, senior relationship manager at Aldermore, said: “Northern Sole have been a very exciting company to work with.

“Juls, Eyal and others at the company are ambitious people who love what they do. You can feel their excitement at their business’ potential and we’re delighted to help them secure the cash they need to continue on their journey.

“The trade finance and invoice finance facility that was used was useful for Northern Sole as they import and export products from many countries abroad. Aldermore were able to provide the funds to pay for those goods upfront leaving cashflow free.”

The funding was a combination of trade and invoice finance.