Moda in Pelle switches banking to Lloyds

The Leeds-based designer, which was founded 40 years ago and runs 58 outlets across the UK, will be served by the bank’s commercial mid-markets team in Yorkshire.

It comes three months after Moda in Pelle secured a £3.5m investment from the Business Growth Fund. The firm is targeting store openings, refurbishment and e-commerce growth with the deal.

Lloyds is one of five major UK banks to back the £2.5bn Business Growth Fund, which helps small and medium-sized firms with growth potential.

Moda in Pelle, which is expected to hit £20m turnover this year, is looking to build on recent successes, including the acquisition of 26 concessions and 80 per cent online sales growth.

Chief executive David Inglis, who was appointed as boss in October 2014 after several months of advising the business, said the move to Lloyds Bank is proof of the company’s confidence and aspirations for the future.

He said: “The bank’s strong international trade capabilities and relationship-based service puts us in a strong position from which to invest in key areas of the business.

“We are now investing in our IT infrastructure to bolster our growing e-commerce channels, and continued technological development.”

The business is developing multi-channel sales across tablets, phones and click-and-collect services, in addition to overhauling its in-store offering and building brand loyalty.

Founded in Yorkshire in 1975 by Stephen Buck, Moda in Pelle designs and sources footwear from manufacturers in China, Italy, Spain and Portugal.

It entered administration twice, in 2006 and 2008. Mr Buck and wife Claire remain majority shareholders.