Fashion brand set grow after £300,000 investment
Cornish fashion brand Seasalt has secured a £120,000 grant as part of a larger investment that will eventually lead to the creation of 23 new jobs.
Falmouth-based Seasalt has obtained investment from the Business Catalyst Fund as part of a larger £300,000 growth push that will see it introduce new product management systems.
The brand, which is now stocked in nine John Lewis stores, has grown from having one shop in Penzance in the early 1980s into a multi-million pound turnover business with 200 staff, 14 stores and over 350 wholesale stockists.
The investment from the Business Catalyst Fund, a £5 million fund to help Cornish firms improve productivity and create jobs, was secured with help from Francis Clark.
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Seasalt joint managing director Neil Chadwick said: "This investment will help us manage our growth and ensure we continue to meet customers' expectations."
The fund is managed by Cornwall Development Company on behalf of the Local Enterprise Partnership and Cornwall Council.
Chris Pomfret, chairman of the Cornwall and Isles of Scilly LEP, said: "Businesses told us very early on that a lack of finance was holding back growth which is why we bid into the Regional Growth Fund, including the £5 million for Business Catalyst Fund, that could be managed and invested locally to stimulate growth and job creation."
David Bullen from Francis Clark added: "Seasalt is a fantastic Cornish success story that is creating quality jobs and promoting the Cornwall brand far and wide."