Taylor & Hart has received £500,000 in loan funding from the Greater London Investment Fund (GLIF) to aid its business during the pandemic.
This includes £250,000 in conjunction with the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
The bespoke jewellery store is best known for offering a custom design service for diamond engagement rings.
Nikolay Piriankov, CEO and co-founder of Taylor & Hart, commented: “Our commitment is to always offer a heartfelt and hands-on approach to bespoke engagement ring design.
“Shane and I have always strongly felt that jewellery is and always has been an expression of human stories.
“This loan from GLIF will enable us to provide cover for existing salaries and marketing costs to offset the reduction in sales growth arising from COVID-19 and to maintain our market position.
“In addition, we will also be able to recruit new employees to join our team and dedicate some of the money to increase our marketing strategy.”
Meanwhile, Kala Desai, head of funds for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by Taylor & Hart and their premium bespoke range of jewellery which fills a growing gap in the market.
“They have demonstrated commercial traction even in these unprecedented times, which is one of the key attributes for commercial success. We are pleased to be supporting them and look forward to the next stage in their journey.”