Decision details

The Assistant Director for Regeneration and Economic Development agrees:

to award Arthur Sleep Limited a loan for the value of £250,000.00 (two hundred and fifty thousand pounds) subject to a loan agreement being entered and evidence of signed lease, approval of appropriate licence(s) and any planning permission should it be required and evidence of match funding. It is proposed that a charge of 6.6% interest is applied to the loan and repayment are made over 60 months with a repayment holiday of 12 months (i.e. repayments begin at month 13).

Officers’ recommendation was approved by the PVF Advisory Board on 27th July 2022 following the evaluation of a funding application by officers and review and assessment by an independent external agency.

Arthur Sleep is a heritage-inspired, family-lifestyle brand offering footwear, clothing, and accessories for men, women, and children. All their products are manufactured from their factory in Leyton, Waltham Forest. Arthur Sleep products are sold world-wide through stockists, online and from their central London store on prestigious Savile Row.

There are only a handful of shoe factories remaining in England, mostly focusing on men’s shoes. And only a few of these make shoes for smaller brands, which is why companies look to Europe and the wider world for their shoe manufacturing needs. Arthur Sleep will offer a comprehensive manufacturing service for smaller brands and young designers as well as a facility for larger companies looking for onshoring.

The project will:
• create a minimum of 10 full time and five part time jobs,
• Create three apprenticeship opportunities,
• Will support local and regional fashion designers
• collaborate with London College of Fashion to offer training and work experience opportunities to their students.

This project has been recommended for approval based on the evaluation of an application and business plan solicited through an open bidding round.

The evaluation process is set out in the application pack and assesses applicants’ proposals on the contribution to core criteria of the fund. and the financial and operation competency of the applicant

This project meets the main objectives of the productive Valley Fund to promote production, improve productivity and introduce more efficient ways of production in the Upper Lea Valley area. This project offers a unique opportunity to bring back shoemaking skills and trade to east London.

More importantly this project will support young designers and will offer onshoring and contract manufacturing for smaller brands.

Arthur Sleep will provide valuable work experience opportunity to the students of London College of Fashion and are in discussion with the College to set up a shoemaking training centre in London to train the next generation of shoemakers.

By not offering this loan we will miss a good opportunity to support the revival of shoemaking in East London and support the wider creative businesses in London.