Will King launches innovative “Shaving Bonds” scheme
King of Shaves founder Will King has today launched a new savings initiative, called Shave and Save, which encourages members of the public to invest £1,000 in one of his Shaving Bonds, a high interest savings bond.
King of Shaves founder Will King has today launched a new savings initiative, called Shave and Save, which encourages members of the public to invest £1,000 in one of his Shaving Bonds, a high interest savings bond.
The scheme, which has been approved by accountancy firm BDO Stoy Hayward and regulated by the Financial Services Authority, offers the saver an interest rate of 6% per year, twelve times the current Bank of England base rate.
Kings says that there will be 5,000 shaving bonds available at £1,000 a piece. The £5m which is raised will be spent on King of Shaves advertising, marketing and brand awareness during the coming year.
Says King: “I first thought of the idea of a shavers war chest a few years ago and now the credit crunch has taken hold, people are looking at high interest ways of investing their money. The idea has had very good initial feedback and I am confident that it will be successful.
“Shaving bonds will create a team of 5,000 King of Shaves brand ambassadors who will not only get a good return on their money but will also get certain brand discounts and benefits over the course of the year.”
The move follows King of Shaves de-merger from parent company KMI late last year, which King says has focussed his thinking on ways to raise capital. Anyone interested in purchasing a shaving bond should go to www.shavingbond.com before the deadline of 31 July.