Business Growth Fund invests £8.5m in ACS
A GLASGOW-based suit hire business that counts Austin Reed, Burton and Debenhams among its clients has secured £8.5 million in funding.
ACS Clothing, which bills itself as “Europe’s largest independent supplier of formal hirewear”, will use the investment to expand its online activities.
The growth capital is being made available through the Business Growth Fund, which is backed by five of the UK’s big banks. It marks BGF’s ninth deal north of the Border.
Part of the ACS investment will be directed towards the firm’s bespoke software operation, Xedo. The BGF has taken a minority stake in both businesses with its director for Scotland, Simon Munro, joining the boards.
Richard Freedman, who co-founded ACS in 1997 and is head of both ACS and Xedo, said: “A major investment in our e-commerce capabilities and processing software is the quickest way to expand our business but we will also be exploring new international business opportunities and partnerships.”