Secure Trust Bank Commercial Finance has provided an £8m asset based lending facility to UK luggage manufacturer Antler.
Secure Trust has provided a flexible £8m funding line to Antler in the form of a receivables and inventory facility while it looks to invest in its online platform.
Will Airey, portfolio and structuring director at Secure Trust Bank Commercial Finance, said: “The Antler brand 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.”
Private equity investor Endless 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.
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.”
Antler was founded in 1914 in Birmingham, and today has offices in London, Chicago and China. The company expanded rapidly in the 1950s with the increase in air travel opportunities for consumers.
Last December hardware.com, a IT solutions and services provider, has secured a £5m finance facility from Secure Trust Bank Commercial Finance.