UK-based formal wear provider ACS Clothing has received £8.8m ($13.4m) from Business Growth Fund (BGF), the UK government and financial institutions-backed initiative, the Herald Scotland has reported.
BGF invested an initial £8.5m in the company in January 2014. Both investments have been a split of equity and debt, though ACS has not disclosed further details.
Launched in 1997, ACS currently supplies suits to retail chains across the UK such as Austin Reed, Burton and Slaters. The company has also developed its own software, Xedo, to simplify the rental process through the websites of those retail partners.
The company has entered an agreement with Peter Abruzzo to hire out its suits to US customers, particularly focusing on the wedding and prom markets, and has also opened a dedicated distribution facility in the US.
Simon Munro and Gemma Hamilton of BGF have joined ACS’ board in conjunction with the funding.
Munro said: “ACS Clothing is already the largest business of its kind in Europe – replicating this success in the US is a really exciting opportunity and one that BGF is delighted to be part of.
“We have been really impressed with the progress that Richard and his team have made since our initial investment in January last year. We continue to be supportive of ACS, having worked together to understand and develop the growth plans for the US.”