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GE Capital supports menswear retailer Baird
02 Aug '10
2 min read
GE Capital, one of Europe's leading providers of asset based lending, announced that it has provided Baird Group Limited subsidiaries, BMB Clothing Ltd and Worth Valley Menswear Ltd, with £17 million of facilities to support the company's future growth plans.
The facilities, comprising confidential invoice discounting and a revolving stock loan, are expected to provide up to £113 million a year of working capital to the company, in volume terms, over the first year.
The Baird Group is a leading wholesaler and retailer of branded menswear products within the UK. It specialises in the design, manufacture and retail of men's suits, shirts and casual wear and presently has 22% of the men's formalwear market place.
The company's core activity and strength is as a retail concessionaire and high street store operator, with relationships with major concession and brand partners. Baird also has its own chain of retail store operating under the Suits You, Alexandre Savile Row, Racing Green and Jeff Banks fascias, supported by the leading UK dress hire business Young's.
The Baird Group's parent company is Al Arafa Holdings. This company is listed on the Cairo & Alexandria Stock Exchange.
Peter Lucas, Baird Group Limited's Chairman and Chairman of the UK fashion and Textile Industry, said: “We have worked hard through the recent economic turmoil and are grateful that the funding provided by GE Capital provides us with the opportunity to consolidate our position as one of Europe's most dynamic and diverse menswear operations.
GE Capital's approach to this deal, combined with the London team's commitment and expertise, clearly differentiated its offering amongst its competitors. It provided an innovative package with first class service, meaning that the company stood head and shoulders above the competition.”
Andrew Rhymer, Regional Director at GE Capital said: “The retail sector has been one of the hardest hit over the past 18 months, however, due to the diverse business model of the Baird Group limited it has emerged as a strong performing business. We worked closely with the management to ensure we could offer them the most suitable funding solution and demonstrate our commitment to providing businesses with the capital they require.”
Business partners Addleshaw Goddard LLP, Ernst & Young LLP, and Hilco Appraisal Ltd assisted GE Capital in executing this transaction and bringing it across the line successfully.
The facilities, comprising confidential invoice discounting and a revolving stock loan, are expected to provide up to £113 million a year of working capital to the company, in volume terms, over the first year.
The Baird Group is a leading wholesaler and retailer of branded menswear products within the UK. It specialises in the design, manufacture and retail of men's suits, shirts and casual wear and presently has 22% of the men's formalwear market place.
The company's core activity and strength is as a retail concessionaire and high street store operator, with relationships with major concession and brand partners. Baird also has its own chain of retail store operating under the Suits You, Alexandre Savile Row, Racing Green and Jeff Banks fascias, supported by the leading UK dress hire business Young's.
The Baird Group's parent company is Al Arafa Holdings. This company is listed on the Cairo & Alexandria Stock Exchange.
Peter Lucas, Baird Group Limited's Chairman and Chairman of the UK fashion and Textile Industry, said: “We have worked hard through the recent economic turmoil and are grateful that the funding provided by GE Capital provides us with the opportunity to consolidate our position as one of Europe's most dynamic and diverse menswear operations.
GE Capital's approach to this deal, combined with the London team's commitment and expertise, clearly differentiated its offering amongst its competitors. It provided an innovative package with first class service, meaning that the company stood head and shoulders above the competition.”
Andrew Rhymer, Regional Director at GE Capital said: “The retail sector has been one of the hardest hit over the past 18 months, however, due to the diverse business model of the Baird Group limited it has emerged as a strong performing business. We worked closely with the management to ensure we could offer them the most suitable funding solution and demonstrate our commitment to providing businesses with the capital they require.”
Business partners Addleshaw Goddard LLP, Ernst & Young LLP, and Hilco Appraisal Ltd assisted GE Capital in executing this transaction and bringing it across the line successfully.
GE Capital
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