To support their growth ambitions, London based Taylor & Hart has secured a total of £500,000 in loan funding from the Greater London Investment Fund (GLIF) this includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS).
Established in 2011 by friends Nikolay and Shane, Taylor & Hart began when a close friend approached them to design a custom-made engagement ring for his girlfriend. He was looking for something as remarkable and personal as his love. After careful sourcing, sketching, and plenty of secret meetings, Taylor & Hart’s first bespoke ring was created, beautifully unique and one of a kind. From there a dream shared by two friends took shape – to put the magic back into bespoke jewellery.
It is estimated that in the UK sales of diamond jewellery are circa £3bn, £600m of which is believed to relate to bridal jewellery, driven by 250,000 annual weddings. Over the years, Taylor & Hart has expanded across the world into a lively and devoted team of creative thinkers. But even though their business has grown into a widespread and diverse community, they have never let go of their commitment to meaningfully designed jewellery inspired by human connection.
Nikolay Piriankov, CEO and Co-Founder of Taylor & Hart commented: “Our commitment is to always offer a heartfelt and hands-on approach to bespoke engagement ring design. Shane and I have always strongly felt that jewellery is and always has been an expression of human stories. 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.”
Kala Desai, Head of Funds for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by Taylor & Hart and their premium bespoke range of jewellery which fills a growing gap in the market. 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.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “We could see a clear strategy from Nikolay and Shane, to transform their premium jewellery business. However, it was apparent, the team needed additional capital to facilitate this transformation. With the investment from GLIF and the continued support from Kala and her team, Taylor & Hart, will soon be able to accelerate sales growth, recruit new team members and expand market strategy. We wish Nikolay, Shane and the team, the best of luck over the coming months.”