Lingerie firm Intimas gets £5m loan

A STRUGGLING Long Eaton lingerie firm has received a multi-million-pound boost to help it change its fortunes.

Last year, Intimas, based in Field Farm Road, reported a £3.8m loss and, in the first six months of this year, made losses of £1.65m.

But the company says it is now set to turn things around next year after securing a £5m loan from Lloyds TSB.

The bank's commercial finance arm has agreed to give the company an asset-based loan, which is a loan secured against the firm's existing assets.

According to Intimas, the loan should help the company, which employs 240 people, grow next year.

The firm, which was established in 1986, produces underwear, swimwear and nightwear for brands including Ted Baker Intimates and By Caprice.

John Gibson, chairman of Intimas, has described the cash injection by Lloyds as "vital".

He said: "At a time when trading conditions remain very challenging, I'm delighted that we have been able to secure this vital new financial support.

"It will enable us to take the steps identified in our recent strategic review that need to be taken in order to restore the group's trading position.

"The funding will play a crucial role in securing the long-term future of Intimas."

Last month, supermodel Caprice launched her new By Caprice range, which she had developed with help from staff at Intimas.

The range is now being sold by retail giant Next in shops nationwide. It is one of the first times Next has stocked an outside label in its stores.

The supermodel is two years into a three-year contract with the firm.

Her independent lingerie business has grown phenomenally since its launch in 2006, branching out into nightwear, swimwear and clothing.

And with Caprice paying Intimas by the item, the huge Next deal is more good news.

The company has started to show signs of recovery. Despite posting losses for the first half of this year, sales were up 29% from £6.97m for the same period last year to £8.97m.

The growth was driven by a rise in private label work, in which collections are exclusively produced for specific retailers and the impact of new stores.

Steve Buckmaster, director of business development for Lloyds TSB Commercial Finance, said: "The current climate is putting pressure on firms supplying the retail sector.

"But Intimas Group has taken a proactive approach to ensuring it has the right financial solution in place to take the business forward.

"We've worked closely with management to structure the funding and will continue to do so as they target opportunities for expansion."