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16/10/2011

Nick Munro has designs on business growth with a £75,000 loan from The North West Fund for Business Loans managed by FW Capital

The award-winning British designer Nick Munro who made his name by turning bed springs into egg cups has teamed up with FW Capital to expand NSM Trading, the wholesale arm of his design business.

Munro’s initial success led to prestigious commissions from clients including Wedgwood, Fired Earth, the V&A, Bugatti, P&O Cruises, La Cafetière and the RNLI as he built a reputation for innovative British design.  His designs soon took the high street by storm and can now be found on the shelves of John Lewis, Heals, Fortnum&Mason and other leading UK retailers.

He launched Chester-based NSM Trading in 2009 to capitalise on the success of his exclusive designs. The company will now use the £75,000 loan to build its own supply chain to complement its product design capability.   

The loan is from the £35 million North West Fund for Business Loans which is financed by the European Regional Development Fund and the European Investment Bank (EIB) and is managed by FW Capital.

“2011 is turning out to be a very exciting year for us as we’re not only continuing to design new lines, but we’re also starting to develop our own supply chain for the first time,” explained Munro.  “This will enable us to manufacture and supply our own products for the high-end home accessories market.”

NSM Trading targets the highly-competitive UK homeware sector, currently worth an estimated £10.9 billion, where product investment and innovation can significantly influence market share. 

Commenting on the investment, Munro said: “I’m passionate about good design and pleased the business is going from strength to strength.  FW Capital shares my belief in our business plan and this loan will help us develop our product range and expand into new markets while retaining our focus on quality and craftsmanship.”

Munro worked with FW Capital investment executive, Carol Bolland to structure the loan.  Bolland said: “In less than 10 years, Nick Munro has built a strong brand and an enviable reputation.  His company has a particularly strong relationship with John Lewis, but you only have to search for Nick’s name online to find an array of other outlets stocking his products. 

“The company’s growth is testament to Nick’s determination and we’re delighted to be working with him on the expansion of NSM Trading.  Our loan will provide the company with an essential injection of working capital to develop its supply chain and increase sales.”

Andy Leach, Chief Executive of North West Business Finance said:  “In the current challenging economic climate, it is pleasing that, in NSM, The North West Fund is able to support a business which is delivering growth through innovation in product and design.”

Demand for loans from the £35 million Fund continues to be strong and FW Capital is working with established businesses across the north-west in a number of sectors. FW Capital can lend between £50,000 and £250,000 in a single round from The North West Fund for Business Loans to help finance working capital, property and asset purchases and other requirements.

Royal College of Art graduate Munro saw his career take off when his idea of turning bedsprings into egg cups won him 1988 Shell LiveWIRE Young Entrepreneur of the Year.  Today, Munro is a respected designer with a thriving business and a wide portfolio of clients.  In November 2010 he was invited to be an expert mentor on the BBC’s ‘High Street Dreams’. Visit www.nickmunro.com to find out more.

The UK’s £10.9 billion homeware market is one of retail’s most competitive and fastest growing markets in the UK.  Homeware retailing has seen a number of new entrants in recent years and growth has been strengthened by consumers’ continued demand for quality and innovation.

Find out more about investing in the North West of England.   

*The North West Fund for Business Loans has now been replaced by The North West Fund for Loans Plus.

North West Fund Loans Plus