Ness fashion brand raises £2.5m from YFM Equity
Edinburgh womenswear company will use the investment for new store roll-outs across the UK
Scottish womenswear brand Ness Clothing has secured £2.5m growth capital from venture firm YFM equity to support its nationwide expansion plans.
Launched in 1997 by husband-and-wife duo Adrienne and Gordon MacAulay, Edinburgh-based Ness currently has 11 stores across the UK which generate annual revenue of over £5m.
It will use the investment to drive new store rollouts and fuel its wider growth strategy.
As part of the deal, Ness’ existing backers Clydesdale bank will provide an additional £1m banking facility with retail executive Dean Murray joining the company’s board as chairman.
Ness co-founder and head of design and sourcing, Adrienne MacAulay, discussed “ambitious plans to grow the business”:
“We chose YFM Equity Partners to finance this growth as they have a proven track record of rolling out retail stores in the UK. We will have two new stores open in the summer and plan to recruit a head of retail and a technology specialist to focus on that growth.”