Whittard of Chelsea has secured a substantial £12m funding deal with digital bank OakNorth, aimed at "supporting its continued growth and expansion".
The company, headquartered in Oxfordshire, stated it is now "well-positioned" to build on its º£½ÇÊÓƵ base and further penetrate international markets such as China and the US, as reported by .
This financial boost follows Whittard of Chelsea's reported turnover of £49.8m for 2024, an increase from the previous year's £45.6m.
Recently submitted accounts to Companies House also reveal a rise in pre-tax profit from £903,991 to £1.5m over the same period.
Sales within the º£½ÇÊÓƵ for Whittard of Chelsea increased from £39.4m to £42m in 2024, while its European turnover saw a rise from £1.5m to £2m.
Sales in other global markets also experienced growth, increasing from £4.6m to £5.6m.
During this period, the company's workforce expanded from 447 to 473 employees.
Founded in 1886, Whittard of Chelsea remained under family ownership until 1973.
The company went public on AIM in 1996 but faced bankruptcy in 2008, leading to a takeover by private equity firm Epic Investment Partners.
Whittard of Chelsea eyeing overseas growth
Nathan Smith, CEO of Whittard of Chelsea, expressed his enthusiasm about the partnership with OakNorth, stating: "We are excited to take this next step with OakNorth."
He added: "Throughout the process to date, they have been commercially-minded, responsive, and fully aligned with our long-term vision.
"As we continue to develop the Whittard brand and expand our footprint both domestically and overseas, it's essential we work with partners who understand the nuances of a global, multi-channel retail business, and who can support us with tailored funding solutions.
"OakNorth's deep understanding of our business, and the speed with which they delivered the facility, give us real confidence that we have the right bank behind us.
"With this additional support, we're well-positioned to build on the strong momentum we've achieved in the º£½ÇÊÓƵ and in key international markets such as China and the US."
Stuart Blair, Senior Director of Debt Finance at OakNorth, commented: "At OakNorth, we're proud to support such an iconic British heritage brand as it approaches its 140th anniversary.
"Whittard of Chelsea combines a rich legacy with a dynamic and forward-thinking management team that has successfully modernised the brand and built strong international traction.
"Our funding will enable the team to build on this success, accelerate growth in both core and new markets, and bring the Whittard experience to a wider global audience.
"It's exactly the kind of business OakNorth was built to serve – established, ambitious, and ready to scale."
Legal advice for OakNorth was provided by DLA Piper. Whittard of Chelsea received debt advisory from Many Waters Capital, legal counsel from Squire Patton Boggs, and financial due diligence from Hazlewoods.
