Baird Group gets funding injection to drive international growth
UK-based menswear retailer/wholesaler Baird Group has secured £7 million in funding from Bibby Financial Services (BFS). The additional financing will go to support international growth while increasing stock volumes, particularly from new and existing suppliers in Asia, for its vast array of high-profile fashion licenses.
Nick Scott, Baird Group CFO, said: “Our vision is to be the go-to brand for affordable and stylish menswear, and we wanted to partner with a funder that understood our past, but also our future. Our financing partnership with BFS is a key part of our ambitious expansion plans, and will undoubtedly enable us to grow domestically and overseas.”
He added: “To achieve our growth ambition, we need to increase stock volumes from new and existing overseas suppliers, so it was critical that we could partner with a financier with both international experience and a flexible approach.”
David McIntyre, Corporate Manager at BFS added: “The key to this transaction was our ability to provide funding for Letters of Credit, enabling Baird Group to significantly increase stock volumes from its international suppliers.”
How big is Baird Group? It’s part of Egypt-based textiles and apparel manufacturer Arafa Holding, owns Suit Direct, is also the formalwear UK licence holder for Ted Baker, EU licensee for Ben Sherman and Jeff Banks menswear, and wholly owns brands including Gibson London, Racing Green, Alexandre London, Scott & Taylor, Antique Rogue and Limehaus.
High street customers also include John Lewis, House of Fraser and TK Maxx. And it operates 12 Ben Sherman stores and supplies the brand to several key wholesale accounts.
It also has a growing roster of leading garment suppliers around the world, including in Egypt, China, Bangladesh, India, Pakistan, Vietnam and Turkey.
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