304 Clothing gets new investment for growth
British fashion brand 304 Clothing has received a £250,000 investment boost to fund growth.
The Birmingham-based label will use the funding to support its expansion plans, reported BdailyNews. These include additional stock purchases for wholesale contracts, sourcing new equipment to serve increasing product demand, and hiring to support new wholesale customers, along with the business’s B2B platforms.
The firm will also take up additional unit space to expand its manufacturing capabilities and invest in a dedicated B2B software.
Co-founded by Sean Cotter and David Powell from their apartment in Manchester in 2012, (taking the company name from the apartment number), the company later moved the Birmingham.
It said it will continue to promote its ranges available through online fashion retail giant ASOS and supermarket chain Asda.
Cotter, who’s also CEO, said: “The financial backing to support our ambitious growth plans… will allow us to grow our team and create new jobs in the coming years.”
The funding comes from MEIF Maven Debt Finance, part of the Midlands Engine Investment Fund, managed by Maven Capital Partners, and backed by the Recovery Loan Scheme.
Sajid Sabir, investment manager for Maven, said: “It’s great to be involved in supporting a business with such a good brand story. Sean and David are committed to making their brand a success and they have grown their audience successfully.
“304 Clothing is expecting e-commerce sales to rise as awareness of the brand grows, and plans to continue to develop by increasing its marketing spend in line with sales in order to advance its reach and build an even bigger customer and wholesale base.”
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