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Mondottica International secures significant funding to invest for growth
The Nottingham-based designer and distributor of branded eyewear, Mondottica International Ltd, has secured £14.9 million funding from Santander Corporate & Commercial. The funding includes an integrated Invoice Finance and ABL facility alongside a specialist Growth Capital loan.
Established in 2003, Mondottica International signed its first licence with Ted Baker London. Mondottica’s founder, Michael Jardine, facilitated the deal through his connections to the owner of Ted Baker and the company continues to be Mondottica’s largest client in a current portfolio of 15 brands. Over the past 15 years, the international business has seen exceptional growth, signing deals with companies such as Hackett, Converse and Cath Kidston. The most recent clients include Sandro, Maje and Benetton.
The funding will enable the company to expand its activity in the US and Europe and invest in the development, delivery and marketing of its portfolio. It’s also going to develop its luxury eyewear division, Brando, and the penetration of the brand among opticians worldwide. In addition to this, the funding will help to establish 45 new roles within Mondottica International to enhance its sales delivery, distribution infrastructure and systems.
Our Growth Capital loans are targeted at UK businesses with annual turnovers of up to £50 million, which have a demonstrated history of high year-on-year growth in turnover, profit or employment. As well as the financial support, high-growth businesses can also access other support which includes training (masterclasses), mentoring and seminars as well as access to overseas trade missions and part-funded interns through our partner universities.
David Hart, Operations Director at Mondottica International Ltd, said:
The funding from Santander means we’re now enabled to deliver our products and services on a global scale powered by an expanded Mondottica team. Santander has provided a flexible package tailored to us, our market and one that accommodates our international needs and ambitions. We’ve been guided through this process by an expert team who have become a real business asset supporting us through our first external funding.
Richard Brighty, Relationship Director at Santander Corporate & Commercial said:
We’re delighted to be able to help support such a dynamic, international business as it focuses on growth. Mondottica is very highly renowned in the eyewear industry and its successful business model has resulted in year-on-year sales growth. Santander’s funding will help the company to develop further, particularly internationally, and allow it to seize new opportunities.
Paul Ray, Head of Banking & Finance at Browne Jacobson, said:
We’re delighted to have advised Santander on another high-profile Growth Capital transaction, this time with the global designer and manufacturer of eyewear Mondottica. This deal clearly represents an exciting time for the business as it continues to invest in and develop its worldwide portfolio.