![]() Its profit and loss account showed its loss grew from £3.54m to £4.847m in the same time period.Īs part of the deal, three appointments to the board have been made. The company filed accounts for Handbag Clinic Ltd in September, including a balance sheet showing that, as of January 30 2023, shareholders’ funds had narrowed from £50,969 to a loss of £1.255m. The Handbag Clinic now employs 55 staff – up from 41 which were employed by the business as of January 31 – and said it is on course to increase turnover from £1.6m to £3m in the current financial year.ĭuring the 12 months to October, it said average monthly ecommerce revenues doubled from £160,000 to £325,000. The company, which restores over 700 bags each month, has partnerships with leading luxury brands including Gucci, Jimmy Choo, Bvlgari, Celine, Radley, Ugg and Christies and has recently secured permanent in-store concessions within Harrods and Selfridges. Through its network of stores and worldwide shipping infrastructure, the business says it is currently the largest global operation for restoration and repairs and the only fully circular platform of its type. It will also boost its technology, including the addition of AI and microscopic imagery to support its team of authenticators. The firm said the undisclosed funding will allow it to accelerate its growth in the UK and internationally, creating at least 10 new jobs in 2024. ![]() READ MORE: Hitachi slashes value of Durham factory amid crisis in rail industry.READ MORE : Heather Mills announces VBites Food to enter administration after 30 years in business.Now the company, which counts celebrities including Claudia Schiffer, Poppy Delevingne and Frankie Bridge among its customers, has raised investment from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia Ventures, and a private investor. The Handbag Clinic – founded by Charlotte Staerck and her husband Ben – was launched as a spin-off from the leather restoration business Furniture Clinic in 2013, but swiftly became a succesful part of the business thanks to partnerships with the likes of Selfridges, Harrods, Harvey Nichols and Fenwick, as well as franchises overseas. A Newcastle company which restores and re-sells luxury handbags around the world is set to create new jobs after sealing ‘significant’ investment.
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