Womenswear brand Bolongaro Trevor is seeking £2m investment in a move to multiply its store portfolio.
The label has appointed financial advisory group DeVere UK to invite a selection of its high-net-worth investors to a presentation on November 25 about the brand. Director David Ramsey told Drapers Bolongaro Trevor, which has six stores, hopes to open 50 stores over the next five years.
“We’re a young company so the funding will be for expansion,” said Ramsey. “It will be growth or development capital as we also want to improve the online business, which has done really well.”
Ramsey explained the funding would also aid store openings and help buy stock.
Bolongaro Trevor has four stores in London, plus one in Leeds and Birmingham, but Ramsey said the list of potential towns and cities to open in was “the length of our arm”.
The brand, which was founded in 2007 by All Saints founders Kait Bolongaro and Stuart Trevor, delivered like-for-like sales growth of 28% in the year to June 30, with sales in the first quarter of its financial year also up 15%.
Ramsey said the main growth is coming from its retail arm, which turns over around £2m a year. “A lot of wholesale customers have found [the tough economic times] difficult and so we haven’t seen quite as much growth there,” he added.
“Through retail we can manage our growth in a more controlled way and also get better margins.”
The funding will be raised through an Enterprise Investment Scheme (EIS), which offers a range of tax reliefs to investors.