Bespoke jewellery designer set to sparkle with six-figure growth funding
A London-based bespoke jewellery specialist has secured six-figure funding to support its recovery and growth.
Taylor & Hart has secured a total of £500k in loan funding from The FSE Group via The Greater London Investment Fund (GLIF), including £250k in conjunction with the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
Established in 2011 by friends Nikolay Piriankov and Shane Hunt, Taylor & Hart specialises in bespoke jewellery, focusing on custom engagement and wedding rings.
The firm plans to use the funding to counter the impact COVID-19 has had on the business as well as grow its team.
Nikolay Piriankov, CEO and co-founder of Taylor & Hart, explained: “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.”
Kala Desai, head of funds for The FSE Group, which manages the £55m 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.”
Maggie Rodriguez-Piza, CEO at Funding London, added: “We could see a clear strategy from Nikolay and Shane, to transform their premium jewellery business. However, it was apparent, the team needed additional capital to facilitate this transformation.
“With the investment from GLIF and the continued support from Kala and her team, Taylor & Hart, will soon be able to accelerate sales growth, recruit new team members and expand market strategy. We wish Nikolay, Shane and the team, the best of luck over the coming months.”
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