Start-Rite Shoes
Launching a new “back to school” range with a seven-figure deal
Company
Start-Rite Shoes, based in Norwich, is one of Britain’s longest-established shoe retailers and manufacturers, operating for over 230 years.
Funding Requirement
A seven-figure funding deal to enable Start-Rite Shoes to launch a new ‘back to school’ product line and drive business transformation and revenue growth.
Finance Solution
We worked closely with Start-Rite Shoes to structure a facility for new product development.
Like many other SMEs, the business had found it challenging to secure finance within a narrow timeframe via traditional high street banks and other lenders.
Following a long-term funding arrangement with a bank that was not able to provide the commercial finance at the speed it required, Start-Rite Shoes reached out to Gordon Duffy at Business Funding Expert who subsequently introduced us.
We were 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’ sales period.
Simon Adcock, Reward’s Regional Director for London and the South East, commented: “It’s been our pleasure to step in and provide a funding solution in tight timescales 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.
Results
The funding provided allowed Start-Rite Shoes to launch its new range of shoes in time for the busy back to school period, helping to drive revenue growth now and into the future. The working capital facility also enhanced the company’s order book with trade customers and supported its e-commerce platform.
Client Testimonial
“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.”
Peter Lamble, Chairman of Start-Rite Shoes
