Manchester-headquartered online fashion retailer, Maniere De Voir, has secured a finance facility from HSBC UK to acquire additional stock to allow it to respond to increased customer demand since the start of the Covid-19 pandemic.
Specialist international trade funding from HSBC UK has supported the business in acquiring increased levels of stock to help ensure the future growth of the business.
Part of the finance facility has also been used to support Maniere De Voir’s ten-year growth strategy and enable the company’s move from its 12,000 sq ft premises in Manchester to a new 50,000 sq ft warehouse in Warrington.
Maniere de Voir exports to 98 countries worldwide and the US is its second largest market.
Richard Udeze, finance director at Maniere De Voir, who hailed the support received from the company’s HSBC relationship director Georgina Dempsey, said: “The funding from the bank meant we could source the additional stock required ensuring the business met the ever-increasing customer demand.”
Reece Wabara, chief executive at Maniere De Voir, added: “The facility has allowed us to plan further in advance and therefore the majority of our stock intake is via sea freight. This strategy has resulted in a significant improvement in margins, allowing us to reinvest further into elevating the product, increasing stock levels and improving the overall customer experience.”
Suzy Verma, HSBC UK head of corporate banking for Birmingham, said: “We were pleased to be able to provide an additional facility to help the team at Maniere De Voir meet the increased demands from its customers and continue to expand its business internationally. The business has already seen strong growth over the last six months, and we look forward to continuing to work with the team to help realise its future growth strategy ambitions.”
No external advisers worked on the funding deal.
