Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, has helped Shrewsbury-based online and in-store retailer Turtle Doves (Not Just Gloves) Ltd (t/a Turtle Doves) secure additional working capital finance to fund further expansion and create up to 70 new jobs after a successful period of growth.
Turtle Doves, a British design and manufacturing company specialising in using post-consumer textile waste to create new cashmere garments and accessories, employs more than 50 people and has a flagship store on Wyle Cop in Shrewsbury. The business traded well throughout the Covid-19 pandemic, with online orders increasing during successive national lockdowns.
Turtle Doves has secured the working capital finance with a plan to develop additional manufacturing capacity and create up to 70 new jobs through outsourced opportunities in Wolverhampton and Leicester, where there is a high volume of experienced textiles workers.
Azets has built a trusted relationship with Turtle Doves over ten years, with James Dawson, Partner with Azets Shrewsbury, and Mark Huddlestone, Funding & Strategic Partnership Director with Azets, working closely with the client to secure the additional funding.
The funding was part-arranged via Azets’ strategic partnership with cashflow forecasting software business Fluidly, which since June 2021 has included funding for SMEs. This is the first new funding package arranged under the extended partnership, which aims to help businesses achieve post-pandemic growth.
Graham Holbrook, CEO with Turtle Doves, said: “We’re delighted to have secured this finance, which enables us to capitalise on our recent success and accelerate further expansion. Azets has been invaluable in helping us to achieve this. The team has made us feel valued, whilst offering clear, pragmatic and commercially focused advice. It’s an exciting time for Turtle Doves and we look forward to working with Azets as we continue on our growth journey.”
Mark Huddlestone, Funding & Strategic Partnership Director with Azets, said: “This strategic funding will help Turtle Doves achieve its growth ambition at a crucial time for retailers, some of which have benefitted from increased orders with people working and shopping from home during the pandemic. Having worked closely with Graham over a number of years, it’s been a pleasure to support Turtle Doves and we’re pleased to get this finance deal over the line. It’s particularly pleasing to support a British business with strong values around sustainability.”
Turtle Doves believes passionately in sustainability, with 100% of its products recycled, and in retaining British craftsmanship. The business has committed to paying its employees a healthy wage whilst keeping prices competitive through clever in-house design and direct-to-consumer sales.