GE Capital has provided UK menswear business
Baird Group with £17m of facilities – comprising invoice
discounting and revolving stock loan – to support the company’s
future growth plans.
The funding – to be used by Baird Group’s
subsidiaries BMB Clothing Ltd and Worth Valley Menswear Ltd – is
expected to provide up to £113m a year of working capital to the
company, in volume terms, over the first year, GE Capital said.
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Baird Group chairman Peter Lucas said: “The
funding provided by GE Capital provides us with the opportunity to
consolidate our position as one of Europe’s most dynamic and
diverse menswear operations.”
Andrew Rhymer, regional director at GE Capital
added: “We worked closely with [Baird Group’s] management to
ensure we could offer them the most suitable funding solution and
demonstrate our commitment to providing businesses with the capital
they require.”
Addleshaw Goddard LLP, Ernst & Young LLP,
and Hilco Appraisal Ltd assisted GE Capital in executing the
transaction.
antonio.fabrizio@vrlfinancialnews.com
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