Formalwear retailer and supplier Threadology has revealed that it has received a seven-figure import trade finance loan from banking firm, HSBC UK.
It comes as the London-based company plans to scale up operations following an increase in demand, in line with the return of weddings and formal events.
The funding will enable the company, which was founded in 2016, to import increased levels of stock, aiding it in meeting the rising demand and supporting its future growth plans.
“The formalwear sector is a rapidly expanding industry - and HSBC UK is delighted to support Threadology as it continues to develop,” commented HSBC UK’s area director for London City Business Banking, Chris Chambers, in a release.
Chambers added: “The business has ambitious growth plans, and we’re pleased to be able to support what promises to be an exciting future.”
Additionally, Threadology has also secured an exclusive partnership with Frasers Group, called ‘Future in Formal’, which will launch across House of Fraser stores this year.
The company currently sells through its online marketplace TwistedTailor, as well as supplying its own brand to Asos and Zalando.
“It is an extremely exciting time for the business as we have seen rapid and consistent growth across all of our brands,” said the retailer’s CEO, Jason Gerrard, in a release.
Gerrard continued: “We are grateful to HSBC UK for understanding and supporting our business model and our growth ambitions in the sector. We are pleased to further this growth by partnering with the Frasers Group and continuing to grow our reputation as disruptors in the tailoring market this year.”