Train Engineer

All Saints hits pay dirt in US

0 Comments | Mail on Sunday (London, England), The, July 25, 2010

BRITISH fashion retailer All Saints has agreed a [pounds sterling]5 million extension to its banking facility to help it cover the cost of its rapid expansion overseas.

Finance director Jamie Grant said the increase had been agreed until November at which point it is expected to be repaid.

Grant said the agreement with Lloyds TSB was ‘based on how well the US has been trading and how our store in SoHo in New York has been received’.

The brand opened its first US store in Los Angeles last year and now has five in the country. The arrangement will allow All Saints to open at least three more stores in the US later this year, Grant said. The company is understood to want a total of more than 30 stores there.

Sales at All Saints increased by 46 per cent to [pounds sterling]133 million in the year to January and profit doubled to [pounds sterling]10.7 million.

Last year it was reported that All Saints had secured a [pounds sterling]30 million facility with Lloyds.

Accounts filed in April revealed that this had later been increased to [pounds sterling]46 million.

– NEIL CRAVEN

CAPTION(S):

CROWD MAGNET: All Saints in Portobello Road, west London

Picture: GEORGE JAWORSKYJ