UK-based womens shoe designer and retailer Moda in Pelle has received a £3.5m ($5.6m) investment from Businesss Growth Fund, the bank-backed fund committed to helping UK businesses grow.
The new funds will allow the company to continue to roll-out new stores across the UK and internationally, and also to help improve customer experience and develop Moda in Pelle’s online presence.
Following the round, David Inglis, who has previously advised the company and held roles at supermarket chain Asda and online retailer Shop Direct, is set to take up the position of chief executive.
Stephen Buck, founder of Moda in Pelle, said: “After a particularly strong period of growth, we want to pursue new opportunities to fully exploit the brand’s potential. David has an acute understanding of what we want to achieve, and brings with him energy, determination and strong background in the retail sector. I’m delighted that he will be joining the team.”