David McCurley, Senior Investment Manager, WhiteRock Capital Partners with Seamus Mullan, Managing Director, Aria Clothing Limited
Belfast-based fashion designer and promoter Aria Clothing Limited has announced plans which will see it expand into new export markets thanks to an investment secured from the ?50m Growth Loan Fund.
The company is among the first of twelve companies to have already secured approval for investment from the new Fund, which launched only in June this year and commenced its investment period from September after an initial three month set-up phase.
Finance for the ?50M Growth Loan Fund ? which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance ? has been provided by Invest Northern Ireland and private sector body Northern Ireland Local Government Officers? Superannuation Committee (NILGOSC).
Aria Clothing ? a leading designer of ladies fashion for the UK, Irish and European markets ? says that, as well as significantly boosting its export potential, the investment could also lead to the creation of a number of new local jobs in the coming months.
?Aria is a long-established and well-recognised fashion brand and, following the launch of our second range ?Ariana? in the last few years to appeal to a younger audience, demand for our products has grown rapidly ? not just in Northern Ireland, but across GB, Ireland and Europe,? said Seamus Mullan, managing director.
?We are constantly investing in design and innovation to deliver market-leading ladies fashion and, having undertaken in-depth market research, are confident that our product could sell well in new markets further afield than where we are currently trading.
?With such great potential to increase our levels of export to foreign markets, we approached WhiteRock Capital Partners to apply for a loan from the Growth Loan Fund to support this strategy. The funding we have secured will enable us to take the next step in our export journey and, due to anticipated increase in demand for our product as a result, could lead to the creation of up to five new jobs in Northern Ireland in the short term.?
A Belfast-based team of specialist advisors, WhiteRock Capital Partners LLP, has been established to respond to enquiries to the Fund by the consortium of three partners ? Braveheart Ventures Limited; NEL Fund Managers and Clarendon Fund Managers, all of which are authorised and regulated by the FSA.
Paul Millar, Chief Investment Officer of WhiteRock Capital Partners LLP said: ?More and more we are hearing of the importance of export as a means of achieving sustainable economic growth. Working alongside Aria?s bank, First Trust, we have been able to provide growth capital which is complementary to the company?s existing banking facilities and will enable it to progress to the next stage in its export strategy.
?Aria is an excellent candidate for support from the Growth Loan Fund, having delivered strong results in a very challenging market, continued to grow its top line through innovation and product development and demonstrated strong ambition for further growth. WhiteRock Capital Partners welcomes applications from similar ambitious SMEs in Northern Ireland who are seeking to grow.?
Invest NI Director of Corporate Finance and Property, William McCulla, said: ?The Growth Loan Fund aims to stimulate the availability of capital for small and medium sized enterprises across Northern Ireland and is an important part of Invest NI?s Access to Finance strategy.
?In these challenging times, this resource is a practical solution to boost business confidence and help companies such as Aria realise their growth potential. I would encourage companies to consider these complementary sources of finance when planning future investment.?
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth potential and generally be in the manufacturing, engineering or tradable services sectors. Loans will be typically unsecured and personal guarantees will not be sought. The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five- year term.
For more information about the Growth Loan Fund?s criteria please contact info@whiterockcp.co.uk<mailto:info@whiterockcp.co.uk> or go to www.growthloanfund.com
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