Taylor and Hart, a bespoke jewellery designer, has secured a £500,000 loan funding from the Greater London Investment Fund (GLIF).
The cash injection includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS).
Founded in 2011, Taylor and Hart offers individual engagement ring designs to its consumers, with its business driven by 250,000 annual weddings in the UK.
Nikolay Piriankov, co-founder and CEO at the company, said: “This loan from GLIF will enable us to provide cover for existing salaries and marketing costs to offset the reduction in sales growth arising from Covid-19 and to maintain our market position.
“In addition, we will also be able to recruit new employees to join our team and dedicate some of the money to increase our marketing strategy.”
The UK’s diamond jewellery market represents roughly £3bn in annual sales, with bridal jewellery totalling £600m.
Kala Desai, head of funds at the FSE Group, who manages the GLIF fund, said that the premium jeweler “fills a growing gap” in the market.
She added: “They have demonstrated commercial traction even in these unprecedented times, which is one of the key attributes for commercial success.
“We are pleased to be supporting them and look forward to the next stage in their journey.”