Glasgow-based suit hire business ACS Clothing has raised £8.5 million in funding from the Business Growth Fund (BGF), according to The Scotsman.
ACS considers itself as the biggest independent formal hirewear supplier in Europe. The firm's clients include Austin Reed, Debenhams, and Burton, the report detailed.
The clothing company will use the BGF investment for the expansion of its online campaigns. A portion of the growth capital will be allotted for the firm's Xedo software operation, the report said.
BGF is supported by the five of the biggest banks in the UK. The investment firm has picked up a minority interest in both ACS and Xedo. In addition, Scotland director Simon Munro will be joining the boards of both firms. The growth capital given to ACS marks the fund's ninth transaction on the north of the Border, the report noted.
The clothing supplier was co-founded by Richard Freedman in 1997. Freedman heads both ACS and Xedo businesses, The Scotsman reported.
Freedman said of the deal: "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."
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