The Wakefield Shirt Company, a historic clothing manufacturer, has secured £6.3 million in funding to support its growth and development. The company, which operates the Double Two brand and supplies workwear, has a turnover of £12.3 million and was founded during World War II.
Funding Details
The funding package from asset-based lender Cynergy Business Finance is designed to underpin the development of the group's product offering. The Wakefield Shirt Company's core subsidiary is the menswear brand Double Two, which also supplies workwear and has a growing portfolio of government contracts, as well as supplying its own label shirts to other brands.
Financial Performance
According to the most recent accounts for the Wakefield Shirt Company, covering 2024, the business increased its operating profits from £57,323 to £316,675. The company, which employs 85 people, said it had been successful in reducing costs and growing margins.
Management Comments
John Donner, managing director at Wakefield Shirt Company, said: "We have used Cynergy Business Finance for the last three years for our invoice finance needs and their straightforward, no-nonsense, value-for-money approach made them a natural choice when our mortgage came up for renewal. We look forward to continuing to work with them as our business grows."
Luke Fitzsimmons, corporate sales director at Cynergy Business Finance, added: "We’re pleased to support a long-standing business and existing client by refinancing their property portfolio with a flexible property facility that can support their growth plans. With the business also delivering into the public sector, this enhanced support is a natural fit and strengthens an already established relationship."
Advisor Comments
Anselm Gilby, lead advisory at Anthony Corporate, said: "Anthony Corporate introduced Cynergy Business Finance ABL to fund the invoice discounting facility, and their support on the property portfolio refinance showed their forward thinking. The transaction was delivered successfully with the support of the corporate team at CBF Manchester, and we look forward to working together on future opportunities."
Company History
The Wakefield Shirt Company was established in 1940 by Isaak Donner and Frank Myers, who set out to make quality men’s shirts. With cotton supplies dwindling due to the war, and only more delicate viscose rayon materials available, the pair decided to make blouses for women who had stepped into jobs previously carried out by men who had gone off to fight.
