Leather accessories brand Aspinal of London is planning to open new stores and concessions and increase staff numbers at its head office following a £9.75m investment from Santander.
The business, headquartered in West Sussex, currently has eight stores, six concessions in the UK and three international franchise stores. It is not yet known how many new stores and concessions will open as a result of the investment.
The funding package from Santander includes a £3m growth capital loan, which is targeted at businesses with an annual turnover below £50m. Sales at Aspinal of London for the year to March 31, 2014, increased 15% to £16.5m.
Sales for the year to March 31, 2015, grew by 13% year on year and the company is budgeting a further increase of 25% in the full year to March 31, 2016.
Aspinal of London was founded 13 years ago and today employs 176 people across head office, warehouse and retail and concession outlets. The company declined to specify how many extra people it will be taking on.
Chief executive Sarah Rotheram said: “Santander’s confidence in the 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 partner that shares our common vision and who will support us on the delivery of our plan for growth over the coming years.”