Uniform approach reaps rewards for fast-growing business
A fast-growing corporate wear business is aiming to double its turnover in 2016.
Leeds based The Business Wear Company, which supplies corporate wear to a raft of clients including Jet 2, Transdev and Bovis Homes, grew by 42% last year and is forecasting sales approaching £6m in 2016.
The firm’s upward trajectory has attracted a £60,000 Business Loan from Finance Yorkshire.
The investment will support a number of initiatives within the business, including IT improvements to enable online ordering, and additional warehouse facilities.
Bought out of administration in 2011 by industry veteran Nick Atkinson and Swedish clothing maker Gote David, the Business Wear Company turned over £2.7m last year, and thanks to having recently secured two major contracts, is forecasting growth of up to 120% in 2016.
Nick’s previous experience in the corporate wear market includes a management buyout of London-based Prima Corporate Wear in 1999, which he went on to sell in 2005 to listed company Alexandra for almost £4m.
Since the purchase of The Business Wear Company in 2011, in a move which saved more than 20 jobs, the management team has blazed a trail through the industry, securing contracts with big industry names, and focusing squarely on first class design, quality and service.
Two recently-won contracts with Compass and Ireland-based Noonan will see the firm, which now has a 34-strong workforce, supply tens of thousands of staff with corporate wear over three years.
Managing Director Nick Atkinson said: “We focus on what’s important to each of our customers; namely great in-house design, excellent service and ultimately a high quality product. This approach has ensured consistent growth since 2011, and we’re grateful for Finance Yorkshire’s assistance in our continued success.”
Finance Yorkshire’s John Ellis said: “Thanks to the experience of a strong senior management team and the recently won contracts The Business Wear Company is now looking to a period of unparalleled growth.
“The figures speak for themselves, and we are delighted to support the business as it enjoys such a remarkable renaissance.”
To date, Finance Yorkshire’s investments have enabled companies to increase their turnover by £366 million, attract a further £257 million from other private sector sources. And through that activity, Finance Yorkshire investment has helped those SMEs to create and safeguard more than 11,000 jobs in Yorkshire and the Humber.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union and attracts investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and the European Investment Bank. Finance Yorkshire is also supported by the Regional Growth Fund.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire