A Bury-based ecommerce business has been boosted in its attempts to expand globally, after agreeing a £220,000 funding deal with Reward Finance Group.
Clear Crystal, which has been trading for 10 years and is based at Bury Business Centre, is a leading online jewellery and giftware retailer. Key to growing sales worldwide is via securing a working capital facility with Reward, which provides tailored business finance loans and asset based solutions between £50k and £5m to SMEs.
The funding through the lender’s Business Finance product enables the retailer to invest in the inventory needed to fulfil orders globally, having traditionally only supplied to online shoppers in the UK.
Central to this global expansion is a new deal secured with major American-based online marketplace, Groupon, with the working capital allowing Clear Crystal to guarantee fulfilment and place stock on the ground at Groupon’s US warehousing facilities near Chicago.
The retailer has also recently secured a partnership with the Ideal World shopping TV channel in a bid to further grow its UK sales.
Commenting on the new funding deal, Clear Crystal managing director, Lee Donaldson said: “The funding facility provided by Reward is a massive boost to our global growth ambitions and ability to introduce our jewellery and giftware products to new markets. It provides the working capital to secure vital inventory, which in-turn enables us to fulfil international sales and partnerships such as the potentially game-changing one with Groupon in America.
“After 10 years of operating solely in the UK, we’re entering a very exciting period of expansion for the business. Through working closely with the team at Reward, I’ve been really impressed with their understanding of my business needs, their flexibility and the speed with which they operate, something which is critical in the fast-paced world of online retail.”
Steve Noble, managing director for Reward Finance Group in the North West, added: “Being able to provide the financial support that helps Lee and his business achieve its international growth aims and realise its strategic vision is hugely satisfying. We’ve built up a close working relationship with the team at Clear Crystal to understand their business, future plans and how our tailored funding solution can help overcome any short-term operational challenges such as stock availability.
“It’s a very significant chapter for the business and we look forward to seeing its continued expansion both in the UK and globally.”