A London-based bespoke jewelry specialist has secured six-figure funding to support its recovery and growth.
Taylor & Hart has secured a total of £ 500,000 loan funding from the FSE Group through the Greater London Investment Fund (GLIF), including £ 250,000 in conjunction with the Coronavirus Business Interruption Loan Program (CBILS ) supported by the government.
Founded in 2011 by friends Nikolay Piriankov and Shane Hunt, Taylor & Hart specializes in bespoke jewelry, focusing on personalized engagement and wedding rings.
The company plans to use the funding to counter the impact of COVID-19 on the business as well as to grow its team.
Nikolay Piriankov, CEO and Co-Founder of Taylor & Hart, explained: “Our commitment is to always offer a sincere and practical approach to the design of bespoke engagement rings. Shane and I have always felt strongly that jewelry is and always has been the expression of human stories.
“This loan from GLIF will allow us to cover existing salaries and marketing costs to offset the reduction in sales growth due to COVID-19 and to maintain our position in the market.
“In addition, we will also be able to recruit new employees to join our team and devote part of the money to increasing our marketing strategy. “
Kala Desai, Head of Funds at FSE Group, which manages the £ 55million GLIF Debt Fund on behalf of Funding London, said: “GLIF supports innovative, high growth companies in Greater London.
“We have been impressed with Taylor & Hart and their line of high end bespoke jewelry which is filling a growing void in the market.
“They have demonstrated commercial traction even in these unprecedented times, which is one of the key attributes of commercial success. We are delighted to support them and look forward to the next step in their journey.
Maggie Rodriguez-Piza, CEO of Funding London, added: “We were able to see a clear strategy from Nikolay and Shane, to transform their high end jewelry business. However, it was evident that the team needed additional capital to facilitate this transformation.
“With GLIF’s investment and the continued support of Kala and her team, Taylor & Hart will soon be able to accelerate sales growth, recruit new team members and expand its market strategy. We wish Nikolay, Shane and the team the best of luck for the months to come.
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