Livingston-based e-retailer Snag Group was founded in 2017 by entrepreneur Brie Read who wanted to build the business on a foundation of size inclusivity and tights that provided a better fit.
Four years on, the company’s annual turnover is growing rapidly – from £3.5 million in its first year of trading to £45m currently. As part of its expansion plans, it is targeting a turnover of £80m by mid-2023.
Santander UK has provided a funding package in excess of £2m to support the growth plans, which include an upcoming move to a new warehouse, also in Livingston and double the size of the current premises.
The increase in capacity is seen as crucial given the company’s recent product diversification and expansion into leggings, T-shirts, skirts and swimwear. Its products are packaged and distributed across the world from its current warehouse in Livingston, and throughout mainland Europe via a facility in the Netherlands.
The business is now focusing on growing sales in the US by ramping up its social media marketing activity in the country. Santander is providing it with international expertise and products in addition to the funding package to support its overseas expansion.
The funding package has also helped Snag to increase its staff from 60 to 90, and the firm anticipates hiring an additional 60 staff over the next year as it expands.
The business has also moved its day-to-day banking to Santander UK.
Read said: “I started Snag Group after my own very embarrassing moment wearing tights while walking along a busy Edinburgh city centre street.
“We are now a rapidly growing e-commerce business and are excited to be working with Santander UK, which has worked hard to understand our needs and prospects, with a view to helping us achieve more rapid growth.”
Kirsty Johnston, relationship director at Santander UK, added: “Santander UK is pleased to support businesses like this that champion inclusiveness and produce products that minimise environmental impact.”