Menswear brand threads national success

A menswear brand is stitching up national success with support from a regional investment fund.

Durham-based Charles Grey Menswear has secured a five-figure investment from NPIF II – NEL Smaller Loans, managed by NEL Fund Managers.

Founded in 2023 and inspired by 19th century British Prime Minister Charles Grey, whose monument sits at the junction of Grey, Grainger and Blackett Streets, in Newcastle, the brand has quickly established a reputation for its sophistication and quality craftsmanship.

Bosses say the funding will fund a significant new stock order to meet rising demand, with the business having already outstripped early growth targets, with its British formalwear now stocked in 70 retail stores across the UK – almost triple its original expectations.

Stephen Dial, founder and director of Charles Grey Menswear, said: “NEL has delivered a thorough and efficient process that has effectively supported our business growth and overall journey as a company. 

“Although we are only 18 months into our journey, growth has exceeded our expectations – we initially hoped to reach 25 stores by this point but are proud to now be stocked in 70 stores across the UK.”

The investment was led by Susan Snowdon, investment executive at NEL Fund Managers, added: “It’s been an absolute pleasure to work with Stephen and his team. 

“They are an ambitious group of professionals with a well-defined strategy to build on their current success and fully capitalise on opportunities within their existing network of stockists. 

“Their product is both stylish and of high quality and I’m excited to see what they achieve as they enter this next phase of growth.”

The £660 million NPIF II fund, which is operated by the British Business Bank, provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses, driving innovation and creating opportunities for businesses to grow, scale, and thrive.

Sarah Newbould, senior investment manager at the British Business Bank, added: “The Northern Powerhouse Investment Fund II is intended to support a diverse range of businesses across a variety of sectors. 

“The North East has a strong heritage in clothing and textile manufacturing and we’re pleased to see this ambitious company access the finance it needs to deliver its growth plans.”

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