A luxury bed linen company has secured a £400,000 investment from the Growth Loan Fund II to fund working capital and create four new jobs over the next 12 months.
Finance for the £30m Growth Loan Fund II – which provides loans to established Northern Ireland SMEs seeking to access growth finance – is provided by Invest Northern Ireland.
Linen Bundle sells luxury bed linen through an ecommerce platform. The bed linen is made with 100% long-staple cotton spun from a single-ply which gives the sheets a luxurious feel. Based in Lisburn, the company currently ships to the UK and Ireland and will be launching in France this month.
Thomas Glackin, Director at Linen Bundle, said: “My business partner Paul and I have over 10 years’ experience in the industry and noticed a gap in the market for affordable luxury bedding. Consumers were either paying a high price for good quality or sacrificing quality in favour of lower prices. There was no middle ground and that is why Linen Bundle was created.
“We spent a lot of time sampling products and visiting different factories. For us, getting the right people to create our products was as important as the fabric used. Since we launched sales have consistently exceeded expectations.”
He added: “Having enough inventory is always a challenge for any ecommerce business but the loan from the Growth Loan Fund means the business is in a healthy position for future growth. By the end of the year, we’re going to expand our range to include duvets, pillows and all other ancillary bedding products.”
Jenna Mairs, Senior Investment Manager at Whiterock Finance said: “It is estimated that ecommerce revenues in the UK hit £69bn last year, with 80 per cent of people purchasing online.
“Linen Bundle is a company with high growth potential which has been demonstrated by the level of demand seen so far. We look forward to supporting the business as it continues to expand into Europe.”
Growth Loan Fund II is part funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.
WhiteRock Capital Partners LLP, which is authorised and regulated by the FCA, was established in 2012 to manage the Fund and is owned by Whiterock Finance Limited and Clarendon Fund Managers.
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth and generally be in the manufacturing, engineering or tradable services sectors.
The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five-year term. For more information about the Growth Loan Fund’s criteria please visit www.whiterockfinance.co.uk
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