Luxury goods maker and retailer Aspinal of London has secured £9.75m in funding from Santander to fuel its plans for expansion.
The funding package is part of Santander‘s Breakthrough Production Suite, an investment package aimed at fast growing and ambitious businesses. It includes a £3m Growth Capital loan, which is targeted at businesses that have achieved annual turnovers of up to £50m and have demonstrated year-on-year growth in turnover, profit or employment.
Relationship Director at Santander Corporate & Commercial David French said: “We are delighted to provide funding to support the expansion of Aspinal at this key time for the company.”
Indeed, it is a time of ambitious planning at Aspinal. The fashion retailer has invested heavily in management, having hired a number of industry experienced senior executives including new CEO Sarah Rotheram, the former CEO of Penhaligon‘s London and L‘Artisan Parfumer. This new team will oversee its plan for growth, which will include additional stores and international expansion.
Aspinal has enjoyed impressive growth in recent years. Revenues in the year ending 31st March were up by 13%. The latest investment from Santander will help it achieve its goal of a 25% increase by March 2016.
Aspinal of London CEO Sarah Rotheram said that Santander‘s confidence in the company was the “critical factor in our change in banking partner and we are delighted to have found a banking partner that shares our common vision and who will support us on the delivery of our plan for growth over the coming years.”