Forecasted revenue of £100m after £19.5m of growth funding for Lincolnshire e-commerce firm

A Lincolnshire e-commerce business has secured £19.5 million funding to expand and recruit 30 new staff.

Internet Fusion based in Louth sells through 12 separate websites everything from equestrian equipment to seasonal affective disorder light products.

The company was founded in 2002 and currently employs 250 staff.

Following its expansion, the firm is now forecasting gross revenue in excess of £100 million for the current financial year.

Over the last two years the business acquired a range of e-commerce websites and is looking for further expansion.

Internet Fusion recently moved to bank with HSBC and also obtained a £9.5 million refinancing deal for its acquisition strategy.

In addition to the HSBC funding a £10 million convertible loan has been agreed with Lombard Odier Investment Managers Group.

The financing has been used in part to fund the recent acquisition of Country Attire, which sells men’s and women’s fashion brands with British heritage, such as Ted Baker, Barbour, Jules, Hunter and Jack Wills.

Now Internet Fusion is looking to increase revenue by 33% through its bespoke proprietary global technology platform.

Martin Brailsford, CEO at Internet Fusion, said: “The last two years have been an incredibly exciting period of growth for Internet Fusion. We have acquired some fantastic sites, assets and talent and the company continues to increase revenue.

“Alongside this exciting acquisition strategy it is important that Internet Fusion can continue to grow organically as well, driving profitability for the group and sustaining its expansion.”

Roger Pratt, HSBC’s Area Director in East Midlands added: “The planned expansion at Internet Fusion is something we are extremely pleased to be involved with.

“HSBC is committed to supporting ambitious businesses like Internet Fusion with funding and advice and we look forward to seeing the company continue to grow in the future.”

HSBC Relationship Director Jack Coley led the deal for Internet Fusion. Acting for the bank on the legal side of the deal was Shaun McCabe, Partner at Browne Jacobson.