This funding by Reward will catalyse business transformation and drive revenue growth for Start-Rite along with aiding the shoe-maker in enhancing its order book with trade customers and its e-commerce platform.
Start-Rite shares it is one of Britain’s longest-established manufacturers – operating for over 230 years – selling children’s shoes to brands like John Lewis, Next, Very.co.uk among others.
The companies explain they worked closely to identify financial opportunities for the shoemaker’s new product development.
Reward says it was able to provide greater speed and flexibility of lending, processing the deal at the pace required to enable Start-Rite Shoes to meet forward orders across its new product range and capitalise on the crucial ‘back to school’ period.
Commenting on the new funding deal, Peter Lamble, chairman of Start-Rite Shoes, says: “The funding provided by Reward has empowered us to act quickly and launch a more affordable range of shoes in the current economic climate. It has also helped us improve our cashflow and supply chain, paving the foundation for us to drive increased revenue and growth across our core trade and direct-to-consumer markets.
“The agility and flexibility the team at Reward provided helped us overcome previous issues caused by supplier delays, move forward with the launch of our new product range and accelerate our manufacturing process.”
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Simon Adcock, Reward’s regional director for London and the South East, adds: “It’s been our pleasure to step in and provide a fast funding solution during a vital trading period for the client.
“Having manufactured since 1792, Start-Rite Shoes has an impressive legacy, so it’s rewarding to collaborate with such an established business with clear strategic ambitions that simply needed the working capital to realise its goals. This is an excellent example of how being agile in providing the right type of commercial finance can propel any business forward.”
Recently, footwear startup jbrds raised $500,000 in seed funding for its footwear brand which is anatomically designed to support foot structure and activity requirements at four stages of a child’s physical development.