Gemstone jewellery and craft retailer and TV shopping broadcaster Gemporia Partnership has revealed it has secured a £30m funding package from Santander UK.
Included in the funding package is a five-year £25m term loan that supports repayment of existing facilities following the sale of the group to an Employee Ownership Trust1 in 2017.
The brand, headquartered in Redditch, Worcestershire, sources, designs and sells affordable gemstone jewellery through Gemporia Ltd, which operates a television shopping channel, Gems TV, and e-commerce website.
It also sells jewellery-making and sewing craft products through its Gemporia Craft business.
Having secured this funding package, the brand, which employs about 650 staff across its brands, is now focused on organic growth, cross selling between its core business and new craft brand extensions, deploying social media campaigns to drive sales.
Colin Wagstaffe, managing director, Gemporia Partnership, said: “When we first met Santander UK, it became clear that its approach was thoroughly and thoughtfully developed with a solution that would help our business in its next phase of growth.
“We believe that, as well as new banking facilities, we have found in Santander UK a new partner to work with in the years to come.”
Nick Ashman, relationship director at Santander UK, added: “Gemporia Partnership has an exciting future ahead, particularly with its recent expansion into the booming home-crafting market.
“We are delighted to support the management team to grow its core gemstone business and expand its new craft brands, as well as enhancing its global growth plans through the provision of a suite of international banking solutions.”