Lincolnshire-based e-commerce business, Internet Fusion, has secured a £9.5 million finance package from HSBC to continue its ambitious acquisition strategy.
The online retail expert, which sells everything from equestrian equipment to Seasonal Affective Disorder light products, operates 12 separate websites through its bespoke proprietary global technology platform, allowing easy online sales worldwide. The company, founded in 2002, employs 250 staff.
Internet Fusion has seen a significant period of growth over the last two years, catalysed by a number of key acquisitions. Keen to pursue additional opportunities, the business recently moved to HSBC as part of a wider group re-financing deal. The move was inspired by the bank’s extensive knowledge of the e-commerce sector and will in turn help the company increase revenue by 33 per cent and recruit a further 30 employees.
Martin Brailsford, CEO at Internet Fusion, said: “The last two years have been an incredibly exciting period of growth for Internet Fusion. We have acquired some fantastic sites, assets and talent and the company continues to increase revenue. Our new partnership with HSBC is the perfect way to accelerate this growth; the bank has an unrivalled knowledge of the sector and enthusiasm for Internet Fusion’s direction of travel.”
Brailsford continued: “Alongside this exciting acquisition strategy it is important that Internet Fusion can continue to grow organically as well, driving profitability for the group and sustaining its expansion.”
Roger Pratt, HSBC’s Area Director in East Midlands, said: “The planned expansion at Internet Fusion is something we are extremely pleased to be involved with. HSBC is committed to supporting ambitious businesses like Internet Fusion with funding and advice and we look forward to seeing the company continue to grow in the future.”
The financing was used in part to fund the recent acquisition of Country Attire, which sells men’s and women’s fashion brands with British heritage, such as Ted Baker, Barbour, Jules, Hunter and Jack Wills. Country Attire has a proven track record of profitability, having shown consistent growth over the past 10 years. This purchase is a strong example of an acquisition that is well positioned to continue to drive sales and profit for the wider group.
HSBC’s Relationship Director, Jack Coley, led the deal for Internet Fusion and continues to provide guidance as the company progresses its business strategy. Acting for the bank on the legal side of the deal was Shaun McCabe, Partner, Browne Jacobson.