North of England Retail chain acquires first warehouse space.
North of England fashion jewellery retailer Love Forever has revealed plans for further expansion, having won backing from Barclays bank.
The business currently operated 17 stores in the North and Midlands in cities including Sheffield, York, Middlesbrough and Grimsby.
The business, owned by Shanxue Szeto, started life as a market stall in Stockton on Tees. She said of Barclay’s backing: "Purchasing the new warehouse at Middlesbrough is a major step forward in the business growth strategy and will allow us to expand the lines we stock and negotiate better deals when buying stock.
“It’s also great that we’ve been able to use the Government-backed Funding for Lending scheme with the cashback deal – this will provide a good capital injection giving us more flexibility as we grow.”
The five-year old company sells mostly costume jewellery and accessories. Earlier this year Barclays bank provided Aurum Group with revolving credit facilities to fund expansion plans at the watch and jewellery retail group following its acquisition by private equity group Apollo.
Chris North, senior business banking manager at Barclays said: “It’s great to see Shanxue bucking the retail trend with her expansion plans and growing despite the current economic climate.
“By participating in the Government-backed Funding For Lending scheme, Barclays has been able to pass on the whole benefit we derive to Shanxue.”