International Dance Supplies Ltd (“IDS”) was founded 39 years ago by Anne Walker – awarded an MBE for her services to business – and sells dancewear, dance costumes, accessories and dance shoes mainly to dance teachers and dance schools. The business is headquartered in a 30,000 sq ft freehold facility in Newton Abbot, Devon, and currently employs 80 people.
IDS has benefited from strong and growing demand for its high-quality dance supplies across Europe. Along with expanding in these traditional markets, the business is targeting growth in particular, in the US. The funding will also be used to invest in brand, stock, systems and warehousing capability.
Our Growth Capital loans are targeted at businesses with annual turnovers of up to £50 million and which have a demonstrated history of high year-on-year growth in turnover, profit or employment. The facility is part of our unique Breakthrough support programme, which is aimed at fast-growth, ambitious businesses and includes funded overseas trade missions, Masterclass events, and also graduate interns to SMEs looking for skilled staff.
Kamlesh Raichura, Managing Director at International Dance Supplies Ltd, said:
Santander has invested considerable time and resources into working with our business and the management team and providing us with an appropriate funding solution. We are very pleased to be working with them on this transaction and greatly appreciate their support. We have invested significantly in our proposition over the last few years, and believe we are well placed to continue our growth in both the UK and international markets and achieve our business objectives in the coming years.
Peter Abel, Growth Capital Director at Santander, said:
We’re delighted to have worked with the management team of IDS to support the business with its current trading and international growth ambitions. The business has a wide and diversified customer base, is an established brand in its sector, and over the last couple of years has successfully launched additional products and services as well as established a platform in overseas markets. We expect the business to continue its recent growth and are very keen to support it in the years to come.