Popular bohemian jewellery brand, ChloBo™ has received a £75,000 investment from NPIF, backed by CBILS – through BFS & MSIF Microfinance, managed by Alliance Fund Managers [MSIF’s fund manager subsidiary] in partnership with GC Business Finance as part of the Northern Powerhouse Investment Fund.
With headquarters situated in Chester Business Park, ChloBo™ was founded as the original ‘stacking’ brand of jewellery, inspired by travel and freedom. All pieces are curated and designed in the UK and are made from a mix of metals including solid sterling Silver and Rose Gold and Gold plated versions.
Trading both independently online, and through a trusted network of over 200 retail partners, ChloBo™ has gained a growing following since its launch in 2011.
Due to the additional £75k worth of investment delivered by MSIF, ChloBo™ now has the opportunity to continue to grow and thrive throughout the impacts of the Coronavirus pandemic - helping to provide job security, in addition to supporting the launch of their first fragrance, “Happy Soul”.
ChloBo CEO, Dave Rosalski commented: “This is the second time we have worked with MSIF for funding. They have developed a very good knowledge of our business which helps them fully understand our needs and to support us. It has been easy and straight forward working with the MSIF team again”.
Jim Moore, MSIF Investment Manager added: “It has been a pleasure to work again with the team at ChloBo. They have a strong product and brand presence which continues to grow year-on-year. MSIF are pleased to be able to support the team with additional working capital to help navigate through the challenges of this year.
“I look forward to supporting more businesses who are continuing to grow during this time.”
Sue Barnard, Senior Manager, at British Business Bank, said: “This investment exemplifies the work that NPIF is doing across the North of England. By supporting businesses with the funds to thrive and grow post-pandemic, we are creating a more prosperous regional economy for the future, and in turn helping to reduce the historic regional disparities between the North and the South.”
The Coronavirus Business Interruption Loan Scheme (CBILS) delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.