Craft retailer and TV shopping broadcaster Gemporia Partnership has acquired funding through a new partnership with bank Santander UK.
The Worcestershire-based Gemporia is among the UK’s largest businesses in the jewellery and home craft TV shopping sector.
It sources, designs and sells affordable gemstone jewellery through Gemporia, which operates a television shopping channel, Gems TV, and e-commerce website.
It also sells jewellery-making and sewing craft products through its Gemporia Craft business.
Now the business has received a £30 million funding package thanks to a new partnership with Santander UK.
Included in the funding package is a five-year £25m term loan that supports repayment of existing facilities following the sale of Gemporia Partnership to an Employee Ownership Trust1 in 2017.
The funding enables the business to focus on future growth and maximise value for its employees.
The business has also moved its day-to-day banking to Santander UK, which is additionally providing it with foreign exchange, trade finance services and connections to Santander UK’s extensive international partnerships to support its global operations.
Colin Wagstaffe, managing director of Gemporia Partnership, said: “When we first met Santander UK, it became clear that its approach was thoroughly and thoughtfully developed with a solution that would help our business in its next phase of growth.
“We believe that, as well as new banking facilities, we have found in Santander UK a new partner to work with in the years to come.”
Nick Ashman, relationship director at Santander UK, said: “Gemporia Partnership has an exciting future ahead, particularly with its recent expansion into the booming home-crafting market.
“We are delighted to support the management team to grow its core gemstone business and expand its new craft brands, as well as enhancing its global growth plans through the provision of a suite of international banking solutions.”