TLG Brands has agreed a new multi-million pound funding line from PNC Business Credit, the UK asset-based lending specialist.
The company, which owns the Fiorelli, Modalu England and Nica accessories brands, employs 150 staff and is headquartered in London.
TLG is backed by private equity firm Synova Capital and has grown rapidly since Synova’s investment, doubling in turnover and growing its international sales four-fold.
The additional working capital and asset-based lending facilities from PNC were structured by Clearwater Corporate Finance’s Debt Advisory team and will enable the business to take advantage of the strong demand for its brands both in the UK and internationally. The Clearwater team comprised of partner Chris Smith and director Karen Edwards.
Chris Smith, co-head of Debt Advisory at Clearwater, said: “We helped to secure a competitive funding facility that will allow the Company to continue the roll out of the brands both in the UK and internationally. The investors at Synova have been highly supportive of the management team and together they are set for further exciting growth.”
Michael Hiscock, chief executive at TLG Brands, said: “This new funding package provides us with significant opportunities for continued expansion of our business on a variety of fronts. We are constantly striving to ensure that we are at the top of our game and offering our customers a high quality designer product range and the best possible service. We are looking forward to working with PNC.”
Philip Shapiro, managing partner at Synova Capital and non-executive director at TLG Brands, said: “The business has increased market share significantly over the past few years and with the demand for luxury goods increasing across the globe, the business is looking to continue to grow its presence internationally. The new funding line will help us to achieve this.”