Aspinal of London secures 9.75 million pounds in funding

British luxury accessories brand Aspinal of London is set to accelerate its store and concession opening programme following a 9.75 million pound investment from Santander Corporate and Commercial.

The funding package is part of Santander’s Breakthrough Production Suite, an investment package aimed at fast-growing and ambitious businesses. It includes a 3 million pound Growth Capital loan, which is targeted at businesses that have achieved annual turnovers of up to 50 million pounds and have demonstrated year-on-year growth in turnover, profit or employment.

The leather accessories brand announced earlier in the year that it was looking for new investment to fund an international expansion plan, and this funding from Santander will help to accelerate those goals, as well as increase staff numbers in its head office. Currently, the British brand employs around 176 people across head office, the warehouse and its retail network.

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.”

Aspinal of London to expand presence following investment

Rotheram added: "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 and Commercial, added: “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."

Aspinal has enjoyed impressive growth in recent years, with revenues in the year to March 31, 2015, growing by 13 percent. With the investment from Santander, the company has budgeted a further increase of 25 percent in the full year to March 2016. Aspinal’s biggest channel is its website, followed by eight own-operated stores, six concessions and three overseas franchised stores.

Image: Aspinal of London