LK Bennett secures funding for expansion

Clothing and footwear retailer LK Bennett has secured

£16 million funding to help drive its international expansion.

The company, which operates 156 shops across the world will use the five-year credit facility to accelerate its store expansion programme in the US and the Middle East. It will also open new stores in European countries such as France, Spain and the Netherlands.

The retailer opened its first US store in Chicago last year and has since launched a further four stores in the country where it says business has traded ahead of expectations. The new funding has been provided by Lloyds Bank Wholesale Banking & Markets Acquisition Finance.

Executive chairman Robert Bensoussan said: "We are pleased with the outcome, providing more money at less cost and for the confidence Lloyds Bank has shown in us. We continue to focus on rolling out Bennett into new markets as well as pursuing opportunities for growth here."