M2C2 Group, a distributor of men’s shirts and knitwear, has secured £1m of funding from Independent Growth Finance Ltd (IGF). The funding comes as M2C2 continues to distribute to 500 local independent menswear retailers on high streets across the UK and Europe.
M2C2, based in Reddings, needed a funder who understood the seasonal nature of its business and long lead times, which presented the company with financial challenges.
To meet these needs, IGF provided the firm with £700,000 invoice discounting and, as part of the wider asset-based lending package, £300,000 of inventory finance.
Commenting on the funding, Neal Dawson, director of M2C2, said: “We were not only looking for a funder who could provide additional cash to support our growth aspirations, but we also had an expectation around service levels and support.
“During the initial meeting with IGF, it was prominent that the team garnered a synergy, separating them from other funders. In addition, knowing that John Onslow is at the helm of the IGF team meant we were instantly intrigued as he came with a highly-regarded reputation from his time at Centric Commercial Finance.”
Paul Edmeades, ABL director at IGF, added:“We are delighted to welcome M2C2 as a client. As we do with all our clients, we took time to understand M2C2’s requirements to provide a bespoke funding solution that fits the needs of their business.
“An ABL package is useful to a business like M2C2, which has seasonal trading fluctuations or carries high stock value, to cover customer needs. We very much look forward to working with Neal and his team.”