YFM Equity to finance
One of the UK's leading investors in small business, YFM Equity Partners, has signed a deal to support the growth plan of Scottish womenswear lifestyle brand Ness.
YFM will provide £2.5m in development capital to Ness and, as part of the deal, experienced retail executive Dean Murray joins the business as Chairman. The brand will also still be supported by Clydesdale Bank with £1m in banking facilities.
Adrienne MacAulay, Head of Design and Sourcing Ness, said: "We have ambitious plans to grow the business, especially our online offering, and to open up more stores across Scotland and the rest of the UK. We chose YFM Equity Partners to finance this growth as they have a proven track record of rolling out retail stores in the UK. We will have two new stores open in the summer and plan to recruit a head of retail and a technology specialist to focus on that growth."
Charlie Robinson, Investment Director YFM Equity Partners, commented: "Ness is an established brand with a strong and loyal customer base. We want to help the founders who are passionate about the business to take advantage of the opportunity they have created for the brand. We look forward to helping them roll-out new stores, improve their online offering and grow business in their existing sites."
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