West Sussex-headquartered Aspinal of London is accelerating its store and concession opening programme and rapidly increasing headcount following £9.75m funding from SCCB.
Aspinal is a designer, producer and multichannel retailer of luxury goods (handbags, purses, wallets and associated accessories) and is a quintessential British heritage, affordable luxury brand. Ecommerce through its own website is Aspinal’s biggest channel, followed by eight own-operated stores, six concessions and three overseas franchised stores. The Company has recently invested heavily in management and has hired a number of industry experienced senior executives, including Sarah Rotheram as CEO, to implement a growth business plan, including additional stores (both own operated and concessions) and international expansion.
The brand has a broad product portfolio and enjoys several celebrity and royal customers, including Duchess of Cambridge, Pippa Middleton, Liz Hurley, Kim Sears, Olivia Palermo to name a few. Although the Company has only been established around 13 years, it is generally perceived to be a much longer established, British heritage brand. Aspinal today has extremely strong brand awareness for a business of its size and is well regarded as one of the leading independent premium brands in the leather goods and accessories lifestyle market.
Aspinal employs around 176 people across head office, the warehouse and the various retail and concession outlets. Revenues in the year to 31 March 2015 grew by 13% on the previous year, and the company is budgeting a further increase of 25% in the full year to 31 March 2016. Santander’s funding will help Aspinal increase its headcount in both head office and in new stores and concessions.
The £9.75m funding package from Santander includes a £3 million Growth Capital Loan which is targeted at businesses with annual turnovers of up to £50 million and which have a demonstrated history of high year-on-year growth in turnover, profit or employment. The facility is part of the bank’s Breakthrough product suite, which is aimed at fast-growth, ambitious businesses.
Aspinal of London’s CEO Sarah Rotheram said: “Aspinal of London is delighted to have agreed significant new banking facilities with Santander under the scope of The Santander Breakthrough Fund. The Santander Breakthrough Fund has been specifically set up to support and provide funding for high growth entrepreneurial businesses with proven concept and the potential to expand rapidly; helping established UK businesses to grow faster and create new jobs.”
“The entire team at Santander’s Breakthrough Fund’s confidence in Aspinal brand and its International growth potential 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.”
David French, Relationship Director, Santander Corporate & Commercial, said: “We are delighted to provide funding to support the expansion of Aspinal at this key time for the company. The management team have identified a strong opportunity for growth and we have been able to provide the funding and support to help Aspinal capitalise on its strong brand positioning. It’s clear that Aspinal is primed for further growth and we wish them every success.”
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
For Aspinal of London media enquiries, please contact Maria Blake
Bijal Tanna Tel: 020 7756 4189 Mobile: 07860 259 217
The press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.
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