£4m inventory facility helps fashion icon negotiate pandemic pitfalls
LK Bennett, the luxury women’s clothing and fashion brand has received a £4m inventory facility from Manchester-based Secure Trust Bank Commercial Finance to support it as it looks to invest in future performance.
The London-based retailer, founded in Wimbledon in 1990, provides clothing, shoe, and handbag collections with a uniquely British feel.
All LK Bennett lines are designed in-house and made harnessing expert craftsmanship, creating distinctive, quality pieces.
With the support it received from Secure Trust Bank Commercial Finance and the strong leadership of its management team, LK Bennett has come through the COVID-19 pandemic and is now investing in the growth goals the brand had identified pre-pandemic focusing on system and store upgrades, investment in new stock categories and potential new openings across the UK and internationally.
Initially engaged in March 2020, Secure Trust Bank worked closely with the management team at LK Bennett throughout 2020 to understand the ongoing challenges faced by the business during COVID-19.
The facility provided the business with the sufficient cashflow to negotiate the challenges of the pandemic before allowing the company, which counts HRH the Duchess of Cambridge, Holly Willoughby and Amanda Holden among its famous clients, to develop a strategy for growth moving forward.
Darren Topp, chief executive at LK Bennett, said: “We really liked Tony and the team as well as the professionalism of Secure Trust Bank from the outset. Unlike some lenders, they were genuinely interested in the long term success of our company and we were confident it was a winning partnership.
“Initially we looked at different options, but an asset-based approach provided the flexibility we need to support our business.
“Establishing a relationship with Secure Trust Bank was absolutely crucial. We built up a mutual level of trust which ensured the deal was completed successfully.”
Tony Young, regional sales director at Secure Trust Bank Commercial Finance, said: “We are proud to have been able to work with a staple of the UK fashion industry in LK Bennett.
“We spent time working closely with the brand’s management team to establish a solid working relationship and understand the challenges it was facing.
“These were some of the most difficult times the business had faced and we were pleased to work with Darren and his team to help LK Bennett negotiate them.”
He added: “We look forward to the business going from strength to strength with investment in its success.”
