Edinburgh-based Circularity Capital announced it has continued to build its portfolio of European growth-stage businesses accelerating the circular economy with a £10 million investment in Advanced Clothing Solutions (ACS), which is based at Eurocentral, near Newhouse.
“Acting as a key enabler in the shift to circular fashion, ACS works with top fashion brands and major retailers to deliver a comprehensive rental, subscription and resale fulfilment service, enabling the industry’s shift towards access over ownership,” said Circularity Capital.
“Operating from its 19,000 sqm automated facility in the UK, ACS manages the entire logistics process – from environmentally-friendly cleaning and brand authentication, to garment repair, ironing, photography, packaging and delivery.
“Customers include renowned high street brands such as Moss Bros, Slaters Menswear, Monsoon and LK Bennett, as well as technology partners Hirestreet, Hardly Ever Worn It, Reflaunt and CaaStle.”
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.
“The investment from Circularity Capital will support the further expansion of ACS’ enabling solution to meet the demand of a growing fashion rental industry.”
Advanced Clothing Solutions Andrew Rough said: “I’m delighted to partner with Circularity Capital as we accelerate our growth in this rapidly expanding market.
“Circularity has a proven track record in playing a proactive role in supporting the growth of circular businesses.
“Offering so much more than just finance, the organisation will prove pivotal in delivering our goal of helping more fashion businesses to embrace rental, subscription and resale models.”
Circularity Capital’s investment will see the growth equity expert play a driving role in supporting ACS’ management team, as the company pursues continued market growth and international expansion.
Andrew Shannon and Andrew Eadie have joined the board.