Following a trip to Bali, Chloe Moss was inspired to make handmade sterling silver jewellery, resulting in her setting up ChloBo in 2005. The company has developed significantly since then, adding gold plated jewellery to the range and building a brand which is recognised for its ‘stackable’ and on-trend designs.
Currently the company supplies 152 stores and is adding an impressive 50 new retail partners each year. Its online sales are also continuing to grow, as shopping habits change.
However, it is keen to accelerate this growth through additional investment in social media and its online presence, extension of its retail partners, product diversification and expansion into new, international markets.
Reward Finance Group was approached by Bathgate Business Finance to ask if we could provide the funding to facilitate the growth.
Mike Calvert, our Business Development Director in the North West, visited the company and quickly recognised that its growth, like many other companies was being held back due to cash flow constraints.
With a sound management team in place, a top-quality jewellery range and a sound business plan, we had no hesitation in providing an £800k funding boost, comprising £500k Invoice Finance and a revolving secured £300k Business Finance facility.
The funding package has allowed ChloBo to negotiate improved terms with suppliers and arrange faster stock turnaround to help meet its ambitious expansion plans.
Dave Rosalski, CEO of ChloBo, said,
“Working with Bathgate and Reward has been interesting, challenging and rewarding – if you’ll pardon the pun! As a small business in the current trading climate, we were finding it very difficult to source the investment we needed to support our business plans.
“Both companies spent a great deal of time understanding our business and how we operate and from that pulled together a sound case for funding. We’re delighted to now be able to re-engage our growth strategy and would recommend both Bathgate and Reward to any business seeking to secure funding.”