1st August 2023
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Chester-based ChloBo, a handmade jewellery brand, has grown significantly following a £70,000 loan from NPIF – River & GC Microfinance in August 2020, which River Capital manages in partnership with GC Business Finance as part of the Northern Powerhouse Investment Fund. The funds enabled ChloBo to expand its operations, enhance its product line, and strengthen its position in the jewellery market.
Founded in 2004, by mother and daughter team, Sue and Chloe Moss, ChloBo used the funding to secure 24 jobs and create a further eight. The new additions helped double its turnover between 2020 and 2023 and it has since expanded its UK network of independent resellers through the addition of 35 additional stores.
The funding also boosted its international presence through the addition of over 50 new resellers in Ireland. ChloBo’s online sales increased in Ireland by over 50 per cent between 2020 and 2023.
The funding enabled ChloBo to invest in a laser engraving machine, sourced locally from a manufacturing business in Whitchurch. Following the investment, ChloBo introduced the option to engrave jewellery, which has now developed into a line of 30 personalised products.
The brand also uses recycled metals and keeps supply chains local to reduce its carbon footprint. 90 per cent of ChloBo’s iconic charms are supplied from Birmingham and designed by its in-house team of designers.
Since 2020, the business has diversified its product offering by introducing two perfume product lines, selling over 10,000 bottles of perfume since its launch. It now plans to launch a gender-neutral perfume.
ChloBo is now headed by, CEO, Dave Rosalski and Managing Director Andi Lee.
Dave Rosalski, chief executive at ChloBo said: “Creativity is the foundation of our industry, and we found this especially true when we were pushed to come up with creative solutions to navigate through the pandemic.
“ChloBo’s extraordinary growth is a result of the dedication and proactivity of the team as we shifted to online commerce, coupled with the support and funding offered by NPIF.
“The NPIF funding helped catapult us into the next phase of business development, and we really feel the positive impact it has made on our business.
“A crucial aspect to our success was the funding we received from NPIF, which allowed us to open new lines of service and develop our company into a leading handmade jewellery brand. ”
Jim Moore, Investment Manager at River Capital said: “With their creativity and with the products they’ve developed ChloBo has continued to go from strength to strength. Growth has always been a part of their long-term ambition and their transition into Ireland is evidence of this. We now look forward to witnessing their next market moves, potentially into Central Europe, and wish Dave and Andi all the best moving forward.”
Keira Shepperson, Director at the British Business Bank said: “It’s not often that you find a brand that has infused so much thought and creativity into its product offering, and it’s this combination that makes ChloBo’s products unique.
“The team is really committed to their work, and the individuality of the jewellery captures the creativity and innovative spirit of the company.
“The expansion into Ireland shows the potential the business has to expand into Central Europe and beyond, and we’re looking forward to seeing ChloBo grow to become a household name.”
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.
The MSIF group of funds are managed by River Capital Management Ltd which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.
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