The parent company of Cornish fashion brand Celtic and Co is set to grow its workforce after raising £6.75m in its latest investment round.
Refind Brands is building a group of fashion brands which describe themselves as environmentally and ethically minded.
Following its first investment into sustainable clothing label Celtic and Co, which has sites in Indian Queens and Newquay and was selected for an in-store partnership with John Lewis last year, the firm has recently expanded its portfolio with a trio of deals.
Last month it acquired Somerset-based women’s clothing business Kettlewell Colours, having reached agreements late last year to buy Cornish children's clothing brand Frugi and Shropshire cashmere specialists Turtle Doves.
Refind Brands said it would use the funding to grow all four companies in both UK and international markets, and to create 15 jobs across its manufacturing, customer services and warehouse operations.
The round included a £1.5m from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) - the largest single investment it has made to date, and the biggest equity deal it has supported.
Ben Barnett, chairman of Refined Brands, said: “The creation of Refined Brands was motivated by a desire to build a differentiated family of sustainable fashion brands, alongside founders and teams that shared our passion and vision.
“I am delighted to welcome CIOSIF as investors into our expanding group. We value their experience in supporting businesses throughout the region and believe their input will help us achieve our ambitious goals for organic growth in the UK and internationally.”
The £40m CIOSIF provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the area’s Local Enterprise Partnership (LEP).
Anna Staevska, investment manager at the FSE Group, the appointed CIOSIF fund manager, said: “The sector is wide open to Refined Brands, as the ethical fashion market is growing much faster than the core UK retail industry, and Cornwall is fast becoming a market leading region in the sustainable fashion sector. We look forward to seeing the business develop even further.”
CIOSIF previously led a £1m round for Truro-based business Clothes Doctor, which produces plant and mineral-based detergents designed to prolong the life of garments and reduce the carbon and landfill footprint of the fashion industry.
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