L.K. Bennett, the international accessible luxury brand invested in by Phoenix Equity Partners in 2008, has announced that it has raised a fresh funding facility from Lloyds TSB to replace its existing facilities. This new facility will enable the Company to accelerate its development, especially its store opening programme in the United States, where the business has traded ahead of expectations in its five directly operated stores since its first store opened in Chicago in April 2011, as well as in other international markets, including France, Spain, the Netherlands and the Middle East.
Despite the background of a very challenging retail environment, particularly in the UK, the Company has continued to enjoy strong year-on-year growth. Sales in the year ending July 2012 are expected to be over 10 per cent ahead of last year and profitability is also expected to have increased very significantly.
The Company now operates 156 branded outlets around the world, of which 107 are in the UK.
L.K. Bennett and Lloyds TSB have signed a new five year facility of £16 million. This replaces the facility put in place at the time of the acquisition of L.K.Bennett in 2008 by Phoenix Equity Partners and Sirius Equity, and increases the Company’s available liquidity at a reduced interest cost.