Moda in Pelle, a Leeds, UK-based designer and retailer of women’s footwear, received a £3.5m growth capital.
Business Growth Fund made the minority investment and its investment director Richard Taylor will join the board as a non-executive director. As part of the investment, the company has also secured an increased working capital facility from Lloyds Bank.
The company intends to use the funds to accelerate the roll-out of stores across the UK and internationally, as well as enhance the in-store customer experience and support further development of the website and other e-commerce channels.
Led by newly appointed CEO David Inglis, Moda in Pelle designs and retails women’s footwear, with nearly 60 stores and concessions across the UK.
Stephen and Claire Buck will remain majority shareholders following the investment. Judith Pilkington – introduced through BGF’s talent network – has also been appointed to the board as non-executive chairman.