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Seasalt wins £16m investment to expand

Cornish lifestyle brand Seasalt has received a £16m cash injection to invest in the expansion of its store estate, create an additional 700 jobs and improve customer experience.

Investment company BGF will provide £11.5m and Santander Corporate & Commercial an additional £4.5m.

Paul Hayes, CEO of Seasalt, said: “We’ve worked hard over the last few years to grow our presence on the high street, foster an environment that provides a unique experience for our customers, and create more jobs, not just in the south-west but across the UK.

“This investment will allow us to go much further on all fronts. As well as opening new stores both at home and growing internationally, we now have the flexibility and freedom to continue to innovate across all channels, making sure that shopping with Seasalt is a really intuitive experience for our customers both in store and online.”

“The confidence shown in Seasalt by BGF and Santander demonstrates that we have a strong and successful business that is set fair for future sustained growth.”

For the year to 28 January 2017, the most recent results available, sales grew by 20% to £41m. In January, it revealed that its Christmas 2017 sales had soared by 52% over the previous year.

Seasalt employs just over 250 people in its Falmouth head office, and more than 400 in the whole of Cornwall. By the start of next year, it is on track to employ 1,000 across the company.

 

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