Fragrance Group London has secured a £600,000 funding facility from alternative lender Growth Lending, to enhance working capital ahead of peak seasonal periods and maximise its sales potential across its global distribution network.
The flexible invoice discounting facility from Growth Lending will also enable the business to build on recent growth and expand its portfolio of fragrance brands.
The Fragrance Group specialises in the creation, marketing and distribution of signature fragrances and beauty products. Within its brand portfolio is global lifestyle brand ELLE, award-winning singer Michael Bublé and British designer Matthew Williamson.
The company has established relationships with high street distributors and retailers in the beauty industry, such as Boots and Superdrug, to expose its brands to a global audience in over 30 countries.
The firm has chosen to work with Growth Lending as senior leadership were impressed with the Growth Lending team and the simplicity of the product in comparison to its previous financing arrangement. Growth Lending was able to offer a flexible GBP, USD and EUR facility with the ability to scale to cater for the Fragrance Group’s ambitious growth plans.
Growth Lending is a leading provider of fast, flexible and tailored funding for high-calibre B2B firms. The team – based in London, Manchester, Leeds, Bristol and Wales – has decades of experience with institutional lenders, alternative finance and invoice discounting, giving it the confidence to lend quickly. Growth Lending had a record 2021, providing £64m under the government CBILS initiative, to support businesses through the pandemic and aims to double in size by the end of 2022.
Paul Devin, CEO of Fragrance Group London said, “This funding from Growth Lending comes at an exciting time for the business as we head towards the peak Christmas sales period and look to maximise the exposure of our brands.
“We also have several new product launches in the pipeline, including a trio of sustainably and ethically sourced fragrances for the NaturELLE collection.
“The facility will provide us with the working capital to continue our upwards growth trajectory and add more brands to our expanding portfolio. It’s been a pleasure working with Julian and Mike and we look forward to their continued support.”
Julian Hornby, Principal at Growth Lending added, “Working with the Fragrance Group and getting to know the business has been a great experience. We have been particularly impressed by the strong management team and very much look forward to building a long-term partnership and watching the company continue on its exciting growth trajectory.”