Secure Trust Bank Commercial Finance has provided an £8m asset based lending facility to Antler, as the luggage manufacturer looks to invest in its online platform.
Antler has been trusted by travellers since 1914, with a reputation for innovative, lightweight and durable suitcases and bags. Designing all of its products in the UK, Antler is one of the well-known luggage brands in the local market as well as Australia, and is sold through its own stores, online at Antler.co.uk and through various wholesale partners.
Private equity investor Endless LLP acquired Antler from LDC in July 2017 and has since appointed a new executive management team headed by Mark Hall and Ken Pratt. The business is focused on new product development and developing the e-commerce channel to further enhance Antler’s already strong brand and market position.
To support these plans, Secure Trust Bank has provided a flexible £8m funding line to Antler in the form of a receivables and inventory facility.
Mark Hall, executive chairman at Antler, said: “The new facility will unlock a significant amount of additional working capital funding to enable Antler to invest in new products and enhance its e-commerce proposition. The funding package provided by Secure Trust Bank also allows Antler to support its valued suppliers more closely, enabling product to be sourced more competitively and efficiently”.
Endless partner Tom Jack said: “We are delighted to have Secure Trust alongside us for the next stage in Antler’s growth. It was clear to us from an early stage that the bank was keen to work alongside Endless and Antler, offering a flexible and commercial funding solution which is complementary to our investment strategy.”
Will Airey, portfolio and structuring director at Secure Trust Bank Commercial Finance, said: “The Antlerbrand is a household name in the UK and internationally, with a strong reputation for high quality products. As the global luggage market is forecast to grow to $45bn by 2021, this funding places the company in an excellent position to invest in new products and meet growing consumer demand. We’re pleased to support Antler’s development as the business continues to grow and builds on the great strength of the Antler brand in the coming years.”