Finance package will support growth plans at jewellery business.
Wedding ring manufacturer Brown & Newirth has secured £2.5 million of funding from commercial finance provider GE Capital.
The finance package will allow Brown & Newirth to pursue growth plans following a management buy-out in February that led to the company breaking away from parent business Abbeycrest, which had filed for administration that month.
GE Capital said it is convinced that Brown & Newirth has “identified significant future growth potential”. Regional director John Savage said: “We are delighted to be working with Brown & Newirth to support it in the next stage of its development. The working capital that we can provide will help the company achieve its true growth potential and reinforce its position as a leading British jewellery brand.”
Brown & Newirth sales director John Ball said that he is satisfied that GE Capital has a solid understanding of the wedding ring manufacturer’s business and that the involvement of the group will help it to push expansion plans forward.
Ball added: “To support our growth plans, we needed a partner who understood the potential of our business. GE Capital took the time to understand that potential and worked with us to find a solution that met all of our needs.”
Brown & Newirth’s expansion plans for the future include building better communication with existing retailer accounts, finding new business, pushing deeper into the engagement ring market and offering a free-of-charge services package that will be given out with every ring that offers consumers benefits such as resizing and polishing.
To find out more about Brown & Newirth’s plans for the future you can read an interview with Ball in the April issue of Professional Jeweller magazine, which is out now. To see a digital version online, click here.