In December 2019, Gordon Brothers provided Allegro Funds, a leading Australian private equity firm, with A$60 million in financing to support the acquisition and turnaround of Best & Less Pty Ltd.

Best & Less, a value apparel and household linens retailer founded in 1965 and headquartered in Sydney, operates online and in over 250 stores across Australia and New Zealand.

Allegro Funds specialises in transformation opportunities and had acquired Best & Less from Greenlit Brands, formerly known as the Steinhoff Group. Allegro Funds required a flexible facility structured using the asset base of inventory, intellectual property and real estate to fund working capital requirements post acquisition.

Following a competitive process, our firm was selected to partner with Allegro Funds based on our flexibility, retail expertise, ability to participate across asset classes and service propositions, and collaborative approach. In addition to providing financing, we conducted a valuation of the inventory.

This was our first partnership with Allegro Funds, and we executed an optimal funding package within tight timing requirements, establishing our strong working relationship.

Allegro Funds completed a successful turnaround of Best & Less. The retailer achieved record performance despite challenges from the COVID-19 pandemic and was listed on the Australian Securities Exchange in July 2021.