Atterley seeks £3m investment to fund expansion

Online platform Atterley is reported to be seeking £3m in funding to expand its business both in the UK and internationally.

Chairman and majority owner Mike Welch told the This Is Money website that he was considering a range of options including strategic partnerships and investors.

Atterley is a Farfetch-style marketplace featuring men's and women's brands from more than 100 boutiques around the globe offering premium and luxury brands such as Aquazzura, APC, Bella Freud, J Brand, Ganni and Donna Ida.

Welch, an entrepreneur who sold his former tyre business Blackcircles to Michelin for £50m in 2015, acquired Atterley out of administration in 2016 and pivoted the business model from own-brand to marketplace.

The business had started life in 2012 and was set up by former Jigsaw designer Kate Starmer-Smith and business partner Edward David. However despite receiving £2m in backing, including an investment from former Tesco chief Sir Terry Leahy in 2014, the business ended up in administration at the start of 2016.

Welch told This Is Money: 'It has taken time to bring on the best independent boutiques with the brands to match our customer tastes, but we've now got an incredible platform to build from." He added that the business had made a good impression in Europe and the US but was looking to make a greater impact in Asia.