The funds will be used to expand the reach of ACS’s rental and resale-enabling solution amid growing demand for circularity.
Founded in 1997, ACS provides a complete rental, subscription and resale fulfilment service, managing the entire process for brands including Moss Bros Slaters Menswear, Monsoon, Marks & Spencer, Oasis, LK Bennett from its 19,000 sq ft facility, capable of storing more than three million clothing items and processing in excess of six million units per year.
ACS’s partners include fashion rental platform Hirestreet, luxury resale platforms Reflant and Hardly Ever Worn It (HEWI) and ecommerce clothing subscription management tool CaaStle.
ACS CEO Andrew Rough said: “I am delighted to partner with Circularity Capital, this strategic partnership recognises our objective of creating one of Europe’s largest circular fashion solutions providers specialising in clothing rental, subscription and resale.
“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.”
Founded in 2015, Circularity Capital invests in European SMEs operating within the circular economy.
Circularity Capital founding partner Andrew Shannon 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 [according to European Commission’s Questions and Answers on EU Strategy for Sustainable and Circular Textiles, published 30 March 2020].
“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.”
In February 2014, ACS received an £8.5m investment from the Business Growth Fund (BGF), backed by banks Barclays, HSBC, Lloyds, RBS and Standard Chartered.