Clothingsites plots 100 jobs after selling stake
ONLINE clothing retailer Clothingsites.co.uk is promising to create more than 100 jobs after taking investment from London-based Bridge Ventures.
The Cheshire-based company has 75 staff operating three websites – Clothingsites, Woodhouse, and Brownbag – selling menswear, out of season stock at discounted prices, and trainers and shoes.
It plans to use the capital for new stock, the extra staff, technical upgrades and a relocation to a larger warehouse.
The value of the deal was not disclosed but Bridge is understood to have taken a minority stake. The Macclesfield firm’s other shareholders are Ian McFegan, John Hirst, Simon Pell and David Hirst.
Managing director David Foster said: “It was incredibly important to us to find an investment partner who understood Clothingsites and both our unique position and proposition. It was vital that they shared our vision of how to grow the business internationally across all three transactional websites.
“The investment team brings a very significant amount of e-commerce experience to our already ambitious management team. We are all looking forward to delivering our strategic growth plans and we are also looking forward to creating many new exciting jobs within the group as we progress.”
A team from Addleshaw Goddard, led by corporate partner Mike Hinchliffe, advised investment firm Bridges Ventures on the deal.
