Seasalt has received a £16 million investment to support future growth and development of the business. BGF has invested £11.5 million, with Santander Corporate & Commercial providing an additional £4.5 million of funding.
Over the last three years the Cornish lifestyle and clothing brand as grown its turnover from £28 million to £51 million. It now employs 869 people and this makes it one of the largest private employers in Cornwall. In March it opened its 50th UK store.
Paul Haye, CEO of Seasalt commented: “We’ve worked hard over the last few years to grow our presence on the high street, foster an environment which 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 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.”
As well as investing in new stores, Seasalt is set to take advantage of BGF’s extensive network of investment professionals, non-executive directors and advisors.
Digital due diligence was provided by DCA member company Infinity Nation whose CEO is an elected member of the DCA’s digital council.
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