Bank of America Business Capital provides a £60m asset-based revolving credit facility
Bank of America Business Capital provided a £60m asset-based revolving credit facility to All Saints Retail Limited. Proceeds were used to provide ongoing working capital financing to support its growth objectives, notably internationally.
All Saints Retail Limited (AllSaints) headquartered in London, is a leading contemporary fashion brand with direct retail operations through more than 230 stores and concessions in the UK, Europe, North America and Asia. The brand has a 50:50 menswear-womenswear sales mix, and international sales now generate more than 50% of total sales. The company’s digital presence has also grown substantially with the aim of creating a cloud-based business model. The business is owned by Lion Capital LLP and has grown significantly since its acquisition in 2011. Today it has over 3,000 employees globally.
William Kim, CEO of AllSaints, said:
“We are pleased to be working with Bank of America Business Capital, which has provided a flexible asset-based solution for our working capital needs. This gives us greater flexibility in executing our growth plan and has built in expansion provisions.
Jeremy Harrison, regional group head and senior vice president of Bank of America Business Capital EMEA, said:
“AllSaints is a global contemporary brand positioned to grow both domestically and internationally. Bank of America Merrill Lynch is gratified to work with the AllSaints management team and provide solutions to help them best utilize their working capital to grow the company.”