Advanced Clothing Solutions (ACS) has received a £ 10 million investment from private equity firm Circularity Capital to support the Lanarkshire-based company’s rental, subscription and resale businesses.
The announcement comes after ACS received £ 2.5 million in July 2021 to expand operations and employees
Circularity Capital, which invests in European growth SMEs in the circular economy, stated that its investment will assist ACS in continuing to expand and meet demand in the rapidly rising rental market.
“I’m delighted to partner with Circularity Capital as we accelerate our growth in this rapidly expanding market,” ACS Chief Executive Andrew Rough said in a statement. He also mentioned Circularity’s ‘proven track record’ in supporting business growth that will support the company’s expansion ambitions.
Andrew said that on top of financing, Circularity Capital “will prove pivotal in delivering our goal of helping more fashion businesses to embrace rental, subscription and resale models.”
Andrew Shannon and Andrew Eadie from Circularity Capital have been appointed to the board of ACS Clothing.
ACS said it wants to transform the fashion industry from the ‘take-make-dispose’ model towards a circular fashion model that extends the life of existing textiles and diverts clothing from landfill.
It collaborates with fashion labels and retailers such as Moss Bros, Slaters Menswear, Monsoon and LK Bennett from its 19,000-square-metre automated facility in Eurocentral, where over six million apparel garments are kept in circulation each year.
Glasgow-based ACS was established in 1997 as a formal hire company before transforming into one of UK’s biggest providers of rental, subscription and resale fulfilment services for fashion companies and retailers as well as storage for over three million items of apparel.
