Pure Electric secures £10 million finance facility

E-mobility retail group Pure Electric has secured a £10 million inventory finance facility from Secure Trust Bank Commercial Finance.

Having surged out of the blocks first with a string of openings in England, Scotland and Northern Ireland the retail chain is now expanded into Europe with eight stores in France and Spain, with a view to expanding further. The business employs 284 people across 17 stores in the UK.

Pure Electric was looking for additional working capital to finance its ongoing growth, which is not just limited to premises additions, but also helping the business commit to expanding and diversifying its product offering with the addition of a second generation line of e-scooters and a range of hybrid e-Bikes.

Stephen Marshall, CFO at Pure Electric, said: “At Pure, we’re here to revolutionise urban travel with differentiated products and services that benefit our riders and the planet, as we seek to reduce pollution, travel times and congestion in cities across the globe.

“Secure Trust Bank is now helping us to take that to the next level with this facility. The team worked flexibly and made the process straightforward and efficient. This working capital will enable us to expand our operational capabilities and make improvements to the Pure offering, allowing us to bring the reality of a cleaner, healthier future closer than ever before.”

Matt Broomfield, regional sales director at Secure Trust Bank Commercial Finance, added: “Pure Electric is a growing international brand focussed on creating a better future using products that put the planet first. It has a strong management team with a passion for new, game-changing technology and has quickly become a market-leader.

“We worked closely with the management team to understand plans for the business in the years ahead and it was clear that continued product development was essential to growth. We were able to create a flexible facility at a key moment in the company’s growth journey, and we look forward to seeing their growth continue.”

The deal was introduced to Secure Trust Bank Commercial Finance by EY, and Pinsent Masons advised on the deal.

When the business first came to market, Founder Adam Norris suggested that ultimately the goal was to become a leading player in light electric mobility in Europe, perhaps having as many as 500 stores.