finance

Scottish e-commerce company unveils expansion plans



Snag Group has unveiled plans to expand in the UK and overseas.

The Livingston-based e-commerce business, which sells recyclable hosiery and clothing for people of all sizes, was founded in 2017 by entrepreneur Brie Read.

Annual turnover has now grown from £3.5m in its first year of trading to £45m currently – with a target to reach £80m of turnover by mid-2023.

Santander UK has provided funding of more than £2m to support Snag Group’s growth plans.

Key to these are an upcoming move to a new warehouse – also in Livingston – doubling the size of its current premises, which will in turn increase the capacity to store, process and package stock.

The increase in capacity is due to a recent product diversification into leggings, t-shirts, skirts and swimwear.

Products are packaged and distributed across the world from its current warehouse in Livingston, and throughout Europe through a warehouse in the Netherlands.

Snag Group sells its products exclusively through tailored websites in 10 geographic markets and has customers in 90 countries.

It is now focusing on growing sales in the US by ramping up its social media marketing activity in the country.

The funding package has supported Snag Group to increase its staff from 60 to 90, with an additional 60 staff set to be hired over the next year.

Chief executive Read said: “I started Snag Group after my own very embarrassing moment wearing tights while walking along a busy Edinburgh city centre street.

“We are now a rapidly growing e-commerce business and are excited to be working with Santander UK, which has worked hard to understand our needs and prospects, with a view to helping us achieve more rapid growth.”

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