Norwich-based children’s footwear manufacturer and retailer Start-Rite Shoes has received a seven-figure funding deal from Reward Finance Group to launch a new ‘back to school’ product line.
Start-Rite, which sells children’s shoes to the likes of John Lewis, Next, and Very.co.uk, is one of Britain’s longest-established manufacturers – operating for more than 230 years.
The working capital facility it is receiving from Reward Finance Group, which specialises in tailored business finance and asset-based solutions of up to 5 million pounds, will help the company’s order book with trade customers and its e-commerce platform, as well as introduce a new school range.
In a statement, Reward Finance Group said it was working closely with Start-Rite to identify financial opportunities for new product development and to help drive revenue growth.
Previously, Start-Rite had a long-term funding arrangement with a bank that was not able to provide the commercial finance “at the speed it required,” whereas Reward provides greater speed and flexibility.
Start-Rite Shoes receives seven-figure investment to launch ‘back to school’ products
Commenting on the new funding, Peter Lamble, chairman of Start-Rite Shoes, said: “The funding provided by Reward has empowered us to act quickly and launch a more affordable range of shoes in the current economic climate. It has also helped us improve our cash flow and supply chain, paving the foundation for us to drive increased revenue and growth across our core trade and direct-to-consumer markets.
“The agility and flexibility the team at Reward provided helped us overcome previous issues caused by supplier delays, move forward with the launch of our new product range and accelerate our manufacturing process.”
Simon Adcock, regional director for London and the South East at Reward, added: “It’s been our pleasure to step in and provide a fast-funding solution during a vital trading period for the client. Having manufactured since 1792, Start-Rite Shoes has an impressive legacy, so it’s rewarding to collaborate with such an established business with clear strategic ambitions that simply needed the working capital to realise its goals. This is an excellent example of how being agile in providing the right type of commercial finance can propel any business forward.
“The funding deal was introduced by Gordon Duffy, chartered banker at Business Funding Expert, also based in Norwich, who I was delighted to work with on the successful transaction.”