Whittard of Chelsea brews up bumper funding deal with OakNorth
Whittard of Chelsea has secured a bumper funding deal worth £12m with digital bank OakNorth “to support its continued growth and expansion”.
The Oxfordshire-headquartered company said it is now “well-positioned” to build on its UK base and expand further into international markets such as China and the US.
The funding news comes after Whittard of Chelsea posted a turnover of £49.8m for 2024, up from the £45.6m it achieved in 2023.
Recently filed accounts with Companies House also show its pre-tax profit rose from £903,991 to £1.5m over the same period.
Whittard of Chelsea’s UK sales increased from £39.4m to £42m in 2024 while its European turnover went from £1.5m to £2m.
Its sales in the rest of the world also grew from £4.6m to £5.6m.
Over the same period, its headcount went up from 447 to 473.
Whittard of Chelsea was founded in 1886 and remained in family ownership until 1973.
The company floated on AIM in 1996 but went bankrupt in 2008 and was taken over by private equity firm Epic Investment Partners.
Whittard of Chelsea eyeing overseas growth
Nathan Smith, CEO of Whittard of Chelsea, said: “We are excited to take this next step with OakNorth.
“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 UK and in key international markets such as China and the US.”
Stuart Blair, senior director of debt finance at OakNorth, added: “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.”
OakNorth was advised by DLA Piper (legal). Whittard of Chelsea was advised by Many Waters Capital (debt advisory), Squire Patton Boggs (legal), and Hazlewoods (financial due diligence).