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Bespoke online jewellery retailer receives £150,000 MEIF funding package

12 March 2021

Online jewellery retailer V N Jewellery Ltd (“VNJ”) has received a £150,000 loan through the Midlands Engine Investment Fund (“MEIF”) ESEM Debt Finance fund, managed by Maven Capital Partners (“Maven”).

The Aylesbury-based business plans to use the capital to expand its operations and hire two new staff members within the next year.

VNJ specialises in providing silver, gemstone and freshwater pearl jewellery under its TreasureBay brand. It currently has over 1,000 products across its website, TreasureBay, and Amazon shopfront.

The business has continued to see an increase within customer orders via its existing website and now has plans to use the funding to help develop another website to target the wholesale and business-to-business market. As a result, VNJ is aiming to increase its turnover by £300,000 within the next quarter.

In addition to VNJ’s plans for product expansion and website creation, the business is also executing a rigorous marketing strategy by incorporating additional advertising platforms, utilising SEO tactics and investing in more targeted Google Ads.

The senior management team at VNJ is made up of Managing Director, Hai Ngan Knight, and Head of Finance and Logistics, Jeremy Knight, who have twelve years of commercial experience each within online sales and marketing.

Jeremy Knight, Financial Director for V N Jewellery Ltd, commented: “This is a sizeable investment for VN Jewellery and will allow us to recruit personnel in marketing and website roles in order for us to grow and take advantage of the shift to online sales which have flourished during the COVID-19 crisis and are set to continue once the economy rebounds.’’

Graham Hall, Investment Manager for Maven, added: “We are pleased to be able to support V N Jewellery Ltd with the next phase of its ambitious growth programme. Both Hai Ngan and Jeremy have such a strong work ethic and have developed an excellent product range - effectively identifying a gap within the online jewellery marketplace. The funding provided by MEIF Maven should really propel VNJ forward.”

Lewis Stringer, Senior Manager at the British Business Bank, said: “The COVID-19 pandemic has been difficult for all types of businesses, it’s good to see that the funding here is utilising the shift towards e-commerce, enabling VNJ to build its online presence and pursue new growth. Funding from MEIF has a range of uses and we’d encourage other businesses in the region looking at expansion to consider the options available through the Fund.”

Vicky Hlomuka, Growth Hub Manager at SEMLEP, added: “The past year has made every business reflect on their operations and adapt to the new normal. It’s great to see this Midlands Engine Investment Fund investment supporting a local business to grow, further diversity and create new jobs within the region.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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