Busiest year yet for London jewellery business
UKEF support boosts sales for TLKE.
| About the transaction: TLKE | |
|---|---|
| Region | London |
| Sector | Retail |
| Export location | Europe |
| UKEF support | General Export Facility |
TLKE distributes quality, branded jewellery into the UK and wider European markets thanks to its partnerships with an extensive network of international brands. It works with designers like Ralph Lauren and DKNY, to supply household names like House of Fraser, Fenwick and Ernest Jones.
£300,000 in finance from HSBC with an 80% guarantee from UK Export Finance has helped TLKE keep hold of major contracts throughout the COVID-19 pandemic. It uses letters of credit with its supplier in the US, so that they can bring in and sell stock and then submit payment. The pandemic impacted its ability to underwrite the letters of credit, putting it at risk of losing stock or having to take on debt.
The General Export Facility helped TLKE protect its relationship with its supplier and it is now hiring additional employees to join its Kew-based office. It is also expanding into 30 additional Ernest Jones stores and attracting more high-value designer partnerships.
Teresa Timberlake, founding partner at TLKE, said:
Like millions of other businesses, Covid has presented all kinds of challenges. We were put in a really tricky position and facing the need to take on a lot of debt to keep our supplier relationship. The UKEF support helped us navigate that. As well as Christmas sales, I’m excited about the years ahead and the brilliant brands we might have the opportunity to work with as a result.