Northern Sole raises new funding to fuel expansion
The fashion and footwear manufacturer has secured a new funding deal from Aldermore, the specialist bank, to support an expansion drive and help its growth.
The Manchester-based company owns, distributes and licenses branded clothing, accessories and footwear to department stores, sports chains, fashion labels and about 400 independent stores across the UK, Ireland and Europe. Established in 2016, it has a showroom on Brick Lane in Shoreditch, London.
“Thanks to Aldermore, we have access to the cash flow we need to run and grow the business. Crucially, we now know that we have the capital to fulfil new orders to sustain our growth,” said Juls Dawson, co-founder.
The funding deal was worth more than £2.3 million, according to reports.
Aldermore said the facility involved invoice financing, which is a way for businesses to borrow money against the amounts due from customers.
“The trade finance and invoice finance facility that was used was useful for Northern Sole as they import and export products from many countries abroad,” said Laura Poncini, senior relationship manager at Aldermore.
“Aldermore were able to provide the funds to pay for those goods upfront leaving cashflow free.”
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