Lloyds suits Charles Tyrwhitt for £26m re-financing facility
Luxury British shirt-maker Charles Tyrwhitt has agreed a new £26m financing facility with Lloyds Bank as it continues to strengthen its business and seek future opportunities. The package comprises a refinancing of an existing facility along with additional funding.
Although Charles Tyrwhitt’s 41 stores have remained closed during the government-imposed lockdown, its market-leading online business – which accounts for 70% of its revenues – has helped insulate it from the worst effects of the pandemic. It instituted a phased reopening of shops around the world, with all stores welcoming customers again as of August. In recent years it has also benefited from its diversification into more casual-oriented product lines, such as chinos, knitwear and jersey.
The business was founded in 1986 by Nick Wheeler, who named it after his middle names. While it has expanded globally, it has retained its flagship store in London’s Jermyn Street – famous for its array of shirt-makers and tailors – and has its head office in the capital.
Alan Martin, Charles Tyrwhitt’s chief financial officer, said: “Covid-19 has of course posed significant challenges for all businesses. Everyone has had to grapple with the economic and logistical headwinds this situation has presented. But our strong brand position coupled with our mature, global online business has enabled us to navigate these headwinds successfully. While our business model has always been based on prudence and sustainable growth, it’s the right time to strengthen our balance sheet further as we look forward. With their deep retail expertise and understanding of our business, Lloyds Bank remains the perfect partner for us.”
Richard Scicluna, relationship director in Lloyds Bank’s retail team, added: “Charles Tyrwhitt is an iconic British brand with a loyal customer base in the UK and overseas. We’ve worked closely with them to put together the right funding package to support their future aspirations”