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PRIVACY
Retail & Consumer

Durham menswear firm seals five-figure investment to stock up for expansion

The firm has secured a five-figure investment from the Northern Powerhouse Investment Fund II

Left to right: Susan Snowdon, investment executive at NEL Fund Managers, Stephen Dial, founder and director of Charles Grey Menswear and Sarah Newbould, senior investment manager at British Business Bank(Image: NEL Fund Managers)

A Durham menswear brand is stocking up for expansion after securing a five-figure investment.

Charles Grey Menswear was launched in 2023 to specialise in high-end formal wear, including tailored clothing and footwear for gentlemen, all inspired by North East-born former Prime Minister Charles Grey.

Since its launch it has already beaten all targets, establishing a presence in 70 retail stores nationwide which is almost three times its early predictions.

Now, the company 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 ramp up growth within the 海角视频 retail sector.

The funding will support a substantial new order of stock which it needs to meet growing demand from its expanding retail network.

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 海角视频.”

The investment was led by Susan Snowdon, investment executive at NEL Fund Managers, who said: “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, added: “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.”