Chester-based fashion jewellery brand, ChloBo, is eyeing ambitious growth thanks to a £800k investment arranged by Wirral-based finance specialists, Bathgate Business Finance.
The funding package, which was facilitated by Manchester-based SME funder, Reward Finance Group, has allowed the 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 Business Finance, 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, extension of its retail partners, product diversification and expansion into new, international markets.
ChloBo chief executive officer, Dave Rosalski, shares: “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.”
The business was founded in 2005 by Chloe Moss, who was inspired to make handmade sterling silver jewellery after a trip to Bali.
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.