Jewellery retailer extends bank credit to support business growth.
Jewellery e-tail group Pulse Tech UK is expecting a turnover boost of nearly 40% for the current year as it plans to roll out another website to join thecharmworks.com, goldencharm.co.uk, sayerlondon.com and sayerscufflinks.co.uk.
Pulse Tech UK posted a turnover of £540,000 for the year to the end of March and is expecting turnover to hit £750,000 in the current year.
The e-tail company said that it makes 32% of its annual revenues in the six weeks before Christmas and to support an expected surge in sales this year the business has extended its overdraft with Lloyds Bank Commercial Banking from £20,000 to £50,000.
Pulse Tech UK, which also operates a site selling hip flasks at hipflask.co.uk, said that this additional £30,000 boost will help it to ensure it has the correct stock levels to meet the festive demand. It will also extend its offer with new silver earrings and rose gold and white gold cufflinks planned for launch in time for Christmas.
The business is run by 29-year-old Alex McMillan, who started out with his first site, thecharmworks.com, in 2008, operating out of Hatton Garden. The business has blossomed since then with the launch of the other four websites and has moved to a larger premises in Rotherhithe, southeast London, and employs seven members of staff.
Bank of Scotland Business Banking relationship manager Angela Carline said: “It is fantastic to be able to support the ongoing success of this young business, whose full-time staff are all in their 20s.
“Alex and his team have already achieved great things and we look forward to working alongside them as the business develops.”