Fashion retailer looks to expand with funding boost

A fashion designer and retailer based in Birmingham is looking to expand its operations after receiving £250,000 from MEIF Maven Debt Finance.

304 Clothing was co-founded by Sean Cotter and David Powell from their apartment in Manchester in August 2012.

The company will use the funding, part of the Midlands Engine Investment Fund (MEIF), managed by Maven Capital Partners (Maven), and backed by the Recovery Loan Scheme (RLS), to support its expansion plans.

This includes additional stock purchases for its wholesale contracts, sourcing equipment to serve increasing product demand, and hiring to support new wholesale customers.

304 Clothing will also take up additional unit space to expand its manufacturing capabilities and invest in dedicated B2B software.

Cotter said: “We cannot speak highly enough of the team at Maven who have fully supported our business growth plans.

“With Maven’s help, we have been able to obtain the financial backing to support our ambitious growth plans, which will allow us to grow our team and create new jobs in the coming years.”

Sajid Sabir, investment manager for Maven, added: “It’s great to be involved in supporting a business with such a good brand story. Sean and David are committed to making their brand a success and they have grown their audience successfully. I’m sure that, with Maven’s support, 304 Clothing has an impressive growth journey ahead of them.

“304 Clothing is expecting e-commerce sales to rise as awareness of the brand grows, and plans to continue to develop by increasing its marketing spend in line with sales in order to advance its reach and build an even bigger customer and wholesale base.”