The company has secured £4.5m funding from Independent Growth Finance to support growth in the European market.
Wow! Stuff says the additional funding will allow the business to expand its branded ranges beyond the already substantial distribution throughout the UK, European and US markets.
Paul Edmeades, ABL director at IGF, commented: “We pride ourselves on working closely with prospects and clients to ensure the facilities we provide not only meet their initial funding requirements but also their longer-term needs. Wow! Stuff is a highly-respected Midland’s based business with a global presence, and we are delighted to be working with it.”
Although the Covid-19 pandemic had an initial impact on retail sales, Wow! Stuff took the opportunity to invest in new products and channels. As part of this expansion strategy, the company engaged the help of Springboard Corporate Finance to find a funding partner that could support the company’s ongoing requirements. Springboard introduced IGF to the business and, after taking time to understand the strategy and key dynamics of the company, IGF agreed to provide a flexible asset-based lending structure which included receivables and a cash flow loan.
Ewan Gibb, finance director at Wow! Stuff, said: “While sectors of the toys and gift market were heavily impacted by the Covid-19 pandemic, Wow! Stuff wanted to spend the time continuing to innovate. We wanted to invest in new products and work with a range of new character licences to prepare for the future. Working together with IGF, we were able to deliver a funding solution to enable this and support Wow! Stuff product expansion in European growth.”
As lockdown lifts, Wow! Stuff says it now feels it is in a strong position to focus on growth aspirations with its already succesful branded ranges. Having recently expanded the UK team, the company is looking forward to continuing to innovate across the market. To hear more about the latest range introductions and plans for the future, look out for an exclusive interview with Wow! Stuff CEO, Richard North, in the upcoming June edition of Toy World.
For more on Wow! Stuff, visit the company website here.