George Dexter (L) and Colin Greene (R)
The British home audio group Armour Home has secured a £6m funding facility from Praetura Commercial Finance, which it will use to scale its global footprint across Asia and North America.
The Hertfordshire-based group is known for its award-winning home audio brands Q Acoustics, QED and Goldring. The company has a portfolio spanning over 1,200 products that include hi-fi, home cinema and wireless speakers, cables, turntable cartridges and audio accessories sold in more than 65 countries around the world.
The deal comes as Armour Home looks to boost new product development and accelerating international expansion, particularly in the US where it has a fast-growing direct-to-consumer sales operation.
Armour Home was introduced to Praetura Commercial Finance by Colin Greene, a partner at Praetura Ventures, which is part of the wider Praetura Group. Colin serves as non-executive director at the audio group and has had a noteworthy career, which has included leading Apple’s US retail business, and serving as country CEO and COO in South Korea and Japan.
George Dexter, managing director of Armour Home, said: “We are delighted to be working with a flexible funding partner in Praetura Commercial Finance. We were introduced to the company by Colin Greene who, following the “more than money” ethos of Praetura Group, put us in touch with the team. We now have a growth funding facility that will enable us to continue scaling our business through product development and international expansion.”
Stuart Bates, commercial director at Praetura Commercial Finance, which was recently named Asset Based Lending Team of the Year, said: “Praetura Commercial Finance is extremely passionate about backing highly entrepreneurial homegrown companies who are looking to scale. We’re very excited to be working with Armour Home as it looks to increase its global footprint, and we look forward to seeing the company’s cutting-edge products in more homes worldwide.”
