Sep 13, 2018
Lexington is delighted to announce its role as corporate finance advisor to Seasalt, the Cornish lifestyle and clothing brand, on its successful multi-million fund raising from the Business Growth Fund. Gary Partridge led the Lexington team and was supported by Thomas Edwards and John Tose.
In the last three years, Seasalt has demonstrated the ability of a well-managed, design led fashion retailer to buck the prevailing trend on the British high street. Over this period, Seasalt’s turnover has grown from £28m to £51m. In March 2018, Seasalt opened its 50th store in the UK.
The terms of the deal will see the Business Growth Fund invest £11.5m, with Santander Corporate & Commercial providing an additional £4.5m funding, The funds will be applied to open a planned 40 new stores over the next 5 years. By early 2019, the company is expected to have over 1,000 employees. As well as developing new career opportunities, the investment will support Seasalt’s ongoing dive to improve customer experience, both in-store and online.
Lexington worked with the Seasalt team over the last nine months to conclude the investment.
Commenting on the deal, Paul Hayes, Chief Executive Officer of Seasalt said “We’ve known Gary professionally or several years and he has closely followed the achievements of Seasalt. When it came to seeking honest, independent advice and selecting a team that was capable of working with us to achieve our goal, we chose Gary and the Lexington team.”
Commenting on the deal Gary Partridge said “It has been a pleasure to work with the team at Seasalt, its funders and other advisors. This transaction marks a milestone for Seasalt in delivering on its long-term growth plans and, for Lexington, it means we further strengthen our retail sector transition expertise. It reinforces our ambition to be a leading independent United Kingdom and internationally focused Corporate Finance boutique.”