Sentio has advised Moda in Pelle on a £3.5m growth capital investment from Business Growth Fund (BGF).
Moda in Pelle, headquartered in Leeds, has nearly 60 stores and concessions across the UK. The new capital will be used to accelerate the roll-out of stores across the UK and internationally, as well as enhance the in-store customer experience and support further development of the company’s website and other e-commerce channels. A brand refresh will also be unveiled in autumn 2015.
Following a successful 12 months and with year-end revenues expected to be close to £20m, Moda in Pelle has extended its management team and will implement a strategy for further growth using BGF’s investment.
Stephen and Claire Buck – who have been instrumental in growing the business into a national boutique brand of women’s footwear – will remain majority shareholders. Stephen has been at the helm of the Moda in Pelle since he founded the company in the mid-1970s with a single store in Leeds.
To implement the growth plan, David Inglis, who has previously advised Moda in Pelle, will join as chief executive and invest alongside BGF. Judith Pilkington has also been appointed to the board as non-executive chairman. Inglis previously held senior roles at Asda and Shop Direct, while Pilkington is former chief executive of Space NK and has worked at Fenwicks, Selfridges, Harrods and Mappin & Webb.
Stephen Buck, founder, Moda in Pelle said: “Over the past 40 years, we’ve created a tremendous amount of brand capital among a loyal customer base by focusing on quality design and manufacturing. After a particularly strong period of growth, we want to pursue new opportunities to fully exploit the brand’s potential. David has an acute understanding of what we want to achieve, and brings with him energy, determination and strong background in the retail sector. I’m delighted that he will be joining the team.”
David Inglis, chief executive, Moda in Pelle added: “We have ambitious goals for Moda in Pelle. Developing our multi-channel offering will be a primary focus over the next 12 months, and we will continue to explore new opportunities with wholesale and internationally. The investment from BGF, alongside an increased facility from Lloyds Bank, provides us with the capital to implement our plan. We are excited about the future of the business and recognise that securing the right long-term funding partner is a key step.”
Richard Taylor, investment director at BGF said BGF is backing Moda in Pelle because of the strength and capabilities of its management team and the growth potential of the business. “We’ve been impressed by management’s clear strategy for the company, knowledge of the retail sector and understanding of the Moda in Pelle customer.” he said.