- With over 139 years of heritage, Whittard of Chelsea is a luxury British brand that sources and sells the highest quality tea, coffee, and hot chocolate from around the world, together with everything that enriches the experience of consuming them;
- The business operates over 40 stores across the UK, including its flagship location in Covent Garden;
- Over the last four years the business has seen strong growth momentum, and this is expected to continue with revenue set to more than double by 2030, spearheaded by its expert management team;
- The capital from OakNorth will support the business’ future growth, particularly its global expansion plans.
London, Tuesday 16 September, 2025: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £12m bespoke funding package to British heritage brand, Whittard of Chelsea, to support its continued growth and expansion.
Founded in 1886 by Walter Whittard, Whittard of Chelsea is an Oxfordshire based brand which supplies a range of over 125 varieties of premium tea, artisanal coffees, luxurious hot chocolates, and a selection of brewing equipment and gift sets. Its offering caters to both individual customers as well as the wholesale market, with an emphasis on quality and ethical sourcing. Over its 139 year-history, Whittard has built a strong reputation for quality and service, with global recognition as a ‘British Heritage’ brand.
The business has successfully executed a strategy of brand elevation and international development through updating its store estate, refreshing its branding, and expanding into e-commerce, as well as international markets. Led by its CEO, Nathan Smith, the business has continued to evolve into a modern, data-driven retailer, with record revenues in 2024. Another key factor driving the company’s strong growth to date, is its international expansion, particularly in Asia and the US.
Nathan Smith, CEO of Whittard of Chelsea, commented: “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, continued: “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).
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Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $17bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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