Toy company secures £4.5m for European expansion
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Toy company Wow! Stuff has landed a £4.5m facility from Independent Growth Finance (IGF) to help support its ongoing growth aspirations.
The Wolverhampton-headquartered business, with offices in LA and Hong Kong, was looking for funding to assist growth in the European market.
The additional funding will allow the business to expand its branded range.
Wow! Stuff is a global developer and supplier of branded toys, gifts and gadgets and was founded in 2006.
Its original bestseller was a comical yet practical bathroom towel, that featured in television, film and the Museum of Contemporary Art.
Wow works to design branded toys for industry leading names including Disney, Marvel, and Warner Brothers, as well as supplying global retailers, such as Amazon, Target, Tesco and Walmart.
While the Covid-19 had an initial impact on retail sales, Wow! Stuff took the opportunity to invest in new products and channels. Wow sought out the help of Springboard Corporate Finance to find a funding partner who could support the company’s ongoing requirements.
IGF were introduced to the business and provided a flexible asset-based lending structure which included receivables and a cash flow loan.
Ewan Gibb, finance director at Wow! Stuff, said: “While sectors of the toys and gift market were heavily impacted by the Covid-19 pandemic, the company wanted to spend the time continuing to innovate. We wanted to invest in new products and work with a range of new character licenses to prepare for the future. Working together with IGF, we were able to deliver a funding solution to enable this and support Wow! Stuff product expansion in European growth.”
Paul Edmeades, ABL director at IGF, said: “We pride ourselves on working closely with prospects and clients to ensure the facilities we provide not only meet their initial funding requirements but also their longer-term needs. Wow! Stuff are a highly respected Midland’s based business with a global presence, and we are delighted to be working with them.”
David Neate, partner at Springboard Corporate Finance, added: “We have worked with the owners of Wow! Stuff for a number of years and were delighted to introduce IGF to them when seeking new facilities. IGF showed strong sector knowledge and a willingness to understand the business from an early stage and we look forward to working with them on future opportunities.”