Beauty Works eyes up expansion backed by £750,000 loans from The North West Fund for Loans Plus
A leading hair extensions supplier whose products are worn by
celebrities including Nicole Scherzinger has secured loans valued
at £750,000 from The North West Fund for Loans Plus, managed by FW
Cheadle-based Ecotrade Europe Limited, better
known by its trading name Beauty Works, wholesales a range of
branded and own-brand extenions to retailers including Next, Lipsy
and Claire’s Accessories as well as independent retailers and
Beauty Works has enjoyed impressive
growth since its launch less than four years ago achieving a 20
fold increase in its sales and recruiting an additional 10 staff.
The recent loan has enabled the company to move to a larger 17,000
sq ft distribution centre to cope with increased demand.
Founder Penelope Cheshire now plans to expand
its wholesale business in Europe and the US.
“Our customers value our commitment to
providing high-quality hair extensions which has helped us become a
leading supplier. We’ve also developed our own Beauty Works
range of accessories. Hair extensions are a multi-million
pound industry and we’ve identified some significant potential new
markets in Europe and the United States.
“The cash injection from The North West Fund
for Loans Plus will allow us to accelerate our growth strategy and
purchase the stock we need to target these new markets
effectively,” Cheshire explained.
The market for hair extensions in the UK alone
has increased dramatically in the last few years and is now
estimated to be worth hundreds of millions annually.
Simon Berry, Senior Investment Executive at FW
Capital, said: “Beauty Works is a well-established business
operating in a rapidly growing market. Penelope and her team
are hair and beauty experts with a deep understanding of the hair
fashion, trends and styles that appeal to their customers.
“Beauty Works supplies an unrivalled product
range that includes celebrity ranges as well as its own
award-winning Beauty Works brand and is well-placed to expand its
wholesale business in Europe and the US with the backing of this
The £45m North West Fund for Loans Plus is
managed by FW Capital and can lend between £50,000 and £750,000 to
North West businesses. It is part of the wider North West Fund,
financed jointly by the European Regional Development Fund and the
European Investment Bank.