Atterley Road eyes expansion following £2m investment
Sir Terry Leahy, former Tesco boss and backer of start-ups Stuckonhomework.com and Eagle Eye Solutions, among backers of online fashion brand
Leading fashion e-commerce site Atterley Road today announced the completion of a £2m round of investment, from a group of private investors that included ex-Tesco CEO Sir Terry Leahy.
Founded in 2011 by Edward David and Katie Starmer-Smith, Atterley Road sells brands such as Mikkelsen, Ganni, Part Two and Maison Scotch on its website, in addition to its own label clothing.
The site turned over £2m in its first year and now receives 200,000 visits monthly, selling to more than 100 countries including primarily the US and Australia.
The £2m investment, which came from Leahy alongside investment consortium The William Currie Group, investor Robert Willett and fund house Artemis, is expected to be mostly used to expand sales of the brand’s own label goods – growing the division from 5-10% of overall sales to 50% within 18 months.
Since leaving Tesco, Leahy has been an active investor in a series of start-ups, including Stuckonhomework.com in November last year and Eagle Eye Solutions which was announced in the same month.
Leahy’s also backed the more established online retailer The Hut, healthcare technology company Kind Consumer, and online delivery venture MetaPack.
The Atterley Road backing will also be used to expand the current staff headcount of 10, in areas such as design, marketing and technology.
Edward David, co-founder and CEO of Atterley Road, said: “Securing funding from high-quality investors who have the experience and industry knowledge needed to really expand the business can be challenging, so we are delighted to have the William Currie Group, Sir Terry Leahy, Robert Willett and Artemis on board.
“Their proven experience in retail and e-commerce will be critical to the development of the brand over the next few years, and to have them as investors is a testament to what Atterley Road has achieved since its launch.”
Bill Currie, chairman of the William Currie Group, added: “The team at Atterley Road have built a fantastic brand with great growth potential in a very short period of time.
“They have the right foundations in place to build a great ecommerce business and we are looking forward to working with them to achieve that.”