Durham-based menswear brand, Charles Grey Menswear Limited, has secured a five-figure investment from NPIF II – NEL Smaller Loans, which is managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II), to accelerate its fast-paced growth across the UK retail landscape.
Founded in 2023, Charles Grey Menswear has already surpassed its initial growth projections, establishing a presence in 70 retail stores nationwide, nearly three times its early expectations.
The company specialises in high-end British formalwear including tailored clothing and footwear for gentlemen. Drawing inspiration from its namesake, North East-born statesman and former British Prime Minister, Charles Grey, the brand is recognised for its sophistication and quality craftsmanship.
NEL provided a bespoke investment structure to match the needs of the business and its growth trajectory. The funding will support a substantial new stock order to meet growing demand from its expanding retail network, ensuring continued excellence in service and availability for its retail partners.
Stephen Dial, Founder and Director of Charles Grey Menswear, said: “NEL has delivered a thorough and efficient process that has effectively supported our business growth and overall journey as a company. Although we are only 18 months into our journey, growth has exceeded our expectations – we initially hoped to reach 25 stores by this point but are proud to now be stocked in 70 stores across the UK.”
The investment was led by Susan Snowdon, Investment Executive at NEL Fund Managers, who added: “It’s been an absolute pleasure to work with Stephen and his team. They are an ambitious group of professionals with a well-defined strategy to build on their current success and fully capitalise on opportunities within their existing network of stockists. Their product is both stylish and of high quality and I’m excited to see what they achieve as they enter this next phase of growth.”
Sarah Newbould, Senior Investment Manager at the British Business Bank said: “The Northern Powerhouse Investment Fund II is intended to support a diverse range of businesses across a variety of sectors. The North East has a strong heritage in clothing and textile manufacturing and we’re pleased to see this ambitious company access the finance it needs to deliver its growth plans.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
NEL Fund Managers are also managing the NPIF II – NEL Debt Finance Fund which offers Debt Finance from £100,000 to £2m to established businesses looking to realise their growth potential.
For more information about NEL, please visit www.nel.co.uk or contact the investment team on 0345 369 7007.
