A luxury fragrance brand based in Cheltenham has received a six-figure funding package from HSBC UK to expand its presence in the US and Canadian retail markets.
Marmalade of London has traded in the UK for ten years and in the US for the past two.
It intends to purchase an environmentally friendly commercial unit, and expand its product line.
Demand is growing in the United States and HSBC UK’s funding allows the company to expand its offering with the launch of a well-being range and open new permanent showrooms in Atlanta, Los Angeles, Las Vegas, and Toronto.
The money has been secured from HSBC’s £15 billion UK SME Fund.
The funding will also allow the company to purchase and outfit a 25,000 square-foot environmentally friendly warehouse and office facility, complete with machinery and showrooms.
The funding has also created 25 sales positions for the Los Angeles and Las Vegas showrooms, as well as ten in Toronto, bringing Marmalade’s total North American headcount to 100.
Piers Flook, managing director of Marmalade of London, said: “It’s an exciting time for our business. We’re increasing our domestic and international business, expanding our product range to enter new markets including skincare, and increasing our investment in innovation.
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“Our new, eco-friendly warehouse facility will also decrease our CO2 emissions and our occupying costs, too. As we pursue multiple growth opportunities and a range of innovations, we’re incredibly grateful to have HSBC UK’s support and expertise.”
Mark Lupton, area director for business banking at HSBC UK, added: “Marmalade of London is taking full advantage of the buoyant US consumer fragrance market, having sold hundreds of thousands of products in the first two years of trade in the US.
“We’re pleased to support the ambitious British business with its international growth plans, whilst also reducing its environmental impact through the new factory and product development center.”
Marmalade of London was advised by Jon Ewings, relationship manager at HSBC UK.
What is the Marmalade of London?
Marmalade of London is a British Brand and Manufacture of Luxury Candles, Reed diffusers and Bath and body products.
Where it is headquartered? The company is headquartered in Cheltenham, Gloucestershire.
How many staff does it have? Marmalade of London has 200 employees.
What is its annual revenue? The annual revenue is $11 Million.