Specialist Scottish fund manager Circularity Capital has taken majority control of Advanced Clothing Solutions (ACS), which handles high street and luxury brands ranging from Slaters Menswear to Gucci and Versace.
Circularity has provided £10 million of fresh funding to ACS – the Lanarkshire-based company's largest capital injection to date – giving the Edinburgh-based fund manager a majority shareholding in the sustainable fashion business. ACS bills itself as the UK's leading circular fashion enabler, with capacity to handle more than six million garments annually at its 19,000sq metre facility in Eurocentral.
Currently employing 200 people, ACS said the money will be used to further invest in its UK operations while also exploring the opportunities for opening a second facility in Europe. Chief executive Andrew Rough said Circularity has a "proven track record" in supporting business growth that will further expansion plans at ACS.
READ MORE: Scottish circular fashion specialist seals luxury technology tie-up
“I am delighted to partner with Circularity Capital, this strategic partnership recognises our objective of creating one of Europe’s largest circular fashion solutions providers specialising in clothing rental, subscription and resale," he said.
Set up in 1997, ACS has the largest laundry facility in Scotland and operated for many years in the formalwear hire sector. When that market ground to a halt during the first lockdowns of 2020, ACS shifted it focus to servicing the emerging market for renting everyday clothing.
It works with brands and retailers such as Moss Bros, Slaters Menswear, Monsoon and LK Bennett providing a complete rental, subscription and resale fulfilment service, and has storage for more than three million items of clothing. Earlier this year it signed a partnership with resale technology provider Reflaunt, which works with brands such as Burberry, Chanel, Gucci and Versace.
READ MORE: Edinburgh fund manager Circularity Capital raises €215m for specialist circular economy fund
Andrew Shannon, founding partner at Circularity Capital, said: “The average European throws away 11kg of textiles every year, and around the world a truckload of textiles is landfilled or incinerated every second.
"ACS provides the capabilities and processes to enable retailers to scale their rental, subscription and resale ambitions with ease, transforming the industry from a traditional take-make-dispose model to one of reuse and resale."
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