Chester-based handmade jewellery designer, ChloBo, is eyeing ambitious growth, thanks to an £800k investment arranged by Bathgate Business Finance.
The funding package, which was facilitated by Manchester-based SME funder, Reward Finance Group, has allowed the fashion jewellery brand to secure improved terms with suppliers, arrange faster stock turnaround and re-engage its ambitious growth plans.
The family-owned brand turned to finance specialists, Bathgate to help provide additional working capital to support its growth strategy. The deal comprised £500k invoice finance and a revolving secured £300k facility.
The financial boost will support its growth plans, including investment into social media and its online presence, the extension of its retail partners, product diversification and expansion into new, international markets.
The business was founded in 2005 by Chloe Moss, who was inspired to make handmade sterling silver jewellery after a trip to Bali. The brand, which has developed significantly since its establishment and now also produces gold plated jewellery, is renowned for it’s stackable’ and on-trend designs.
At present the brand distributes to 152 stores, with 50 new retail partners being added each year and its online sales continue to grow, as shopping habits change.
Dave Rosalski, Chief Executive Officer at ChloBo, said: “Working with Bathgate and Reward has been interesting, challenging and rewarding – if you’ll pardon the pun! As a small business in the current trading climate, we were finding it very difficult to source the investment we needed to support our business plans.
“Ian Adams from Bathgate spent a great deal of time understanding our business and how we operate and from that pulled together a sound case for funding. We’re delighted to now be able to re-engage our growth strategy and would recommend both Bathgate and Reward to any business seeking to secure funding.”
Ian Adams, from Bathgate Business Finance, said: “ChloBo is a fantastic, family-run brand with the potential to grow exponentially both online and into international markets. It was wonderful to once again work with Reward Finance Group to facilitate a finance package that will allow ChloBo to continue to expand. We’re looking forward to seeing the brand thrive.”
Reward Finance Group, Business Development director, North West, Mike Calvert, said: “Having been introduced to ChloBo by Bathgate, we visited the company and quickly recognised that, like many other companies, its growth was being held back due to cash flow constraints.
“It has an excellent management team in place, a top-quality jewellery range and a sound business plan. We therefore had no hesitation in providing the funds to enable ChloBo to enjoy even greater success.”