Barclays have begun a working partnership with family run firm, Half Moon Bay.

The bank has provided a £3m loan to the Bath-based independent company to buy Shruti Ltd. 

Founded in 1995 by Managing Director, Peter Thompson, Half Moon Bay is an award-winning wholesaler of licensed and themed giftware including many of the world’s best entertainment brands such as Disney, Harry Potter, Superman, Batman, Doctor Who and Star Wars.

This is Half Moon Bay’s second purchase, following the retirement of Wiltshire-based Shruti Ltd's current owner. The firm offers unique homeware, fashion and gifts for the retail trade.

The purchase includes the main assets of the fashion and accessories outfit and will see Half Moon Bay moving its warehouse operation to a newly acquired 50,000 sq. ft. site in Warminster and utilising Shruti’s showrooms. A number of existing staff have moved across to Half Moon Bay, including head of product development Michaela Davies, who will continue to work on the Shruti brand.

Peter Thompson, Managing Director at Half Moon Bay, said: “Part of our growth strategy is to expand our portfolio of exciting giftware brands and we’re delighted to combine the Shruti brand with Half Moon Bay. “Shruti Ltd is an excellent fit both to this strategy and our existing business and we look forward to working with the team to continue to expand the company’s giftware offering and the growth opportunities this will inevitably bring both in the UK and overseas.”

The company currently operates from its head office in Bath, employs more than 50, and has an annual turnover of £11m, set to rise to £15m in the future.

Martin Crook, Corporate Relationship Director for Barclays, Bath, said: “This is an exciting time for Half Moon Bay following their second acquisition and we’re pleased to have supported another Bath based retail and wholesale business.

“Our strong understanding of the sector ensured we were best placed to assist them with their financing needs, and we look forward to supporting them with their future growth plans.”