Popular fashion retailer French Connection is looking towards a brighter future after receiving a cash injection of 15 million pounds to mitigate the losses brought on by the pandemic.
Turnaround specialist firm Hilco Capital has provided the company the working capital facility for the next 2 years.
The amount will suffice covering French Connection’s ‘cash requirements, based on its current conservative expectations of future trade’, said a statement released by the company.
Moreover, the cash will be used to pay deferred rent payments, dues to the HMRC, and suppliers which were delayed due to the unprecedented situations.
Post store re-openings in mid-June, the company had been witnessing weak footfall; however, they are optimistic going forward.
Strong rebounding sales in UK and US are ensuring growing sales volumes by the week. Apart from this, French Connection stated that wholesale orders were better than expected during lockdowns.
Recently, BBC confirmed that the retailer will claim Government cash for bringing back around 250 employees who were furloughed under the job retention scheme.
Under the furlough scheme, all firms can claim 1,000 pounds for each employee and French Connection has been unable to receive any other funding from the Government apart from this.
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