Hardy Amies has secured a £500,000 loan from major shareholder Arev Brands, to help fund its store expansion programme.
In a statement to the stock exchange, the upmarket fashion brand said the loan would be used to fund working capital and to continue with its store roll out programme. The loan will be repayable six months from the demand date by Arev Brands, with a 10% interest rate.
In October, Hardy Amies opened its first ready-to-wear store in Edinburgh which was designed to boost brand recognition. The store sells formal and casual ready-to-wear menswear line Hardy Amies London, which offers suits, shirting, outerwear and polo shirts. The range is also sold online, with retail prices starting at £95 for a shirt to £400 for a suit. Hardy Amies also has a couture and made-to-measure tailoring shop on London's Savile Row.