Ann Summers eyes growth as it secures £8m funding

5th January 2024 | Jack Oliver

Ann Summers has secured £8m of funding from an asset-based lender as it eyes further omnichannel growth.

The lingerie and adult toy retailer secured the funding from commercial banking company Secure Trust Bank Commercial Finance (STB CF), Retail Week reports.

In September, the retailer announced plans to expand after reaching £100m in turnover.

The retailer is looking to use the new funding to improve both its in-store and online offering as well as bolster its working capital.

Ann Summers chief financial officer, John Boyle, said: “We have our sights set on growth for [the business] and are pleased to have increased our sales following several challenging years for the retail sector.

“It has been great to work with [regional sales director] Tony [Young] and the STB team, who have taken the time to really understand our business and our objectives.

“The funding from STB will help us to continue to build our omnichannel proposition in a continuously evolving sector.”


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