Kidderminster-based skin care supplier has secured £200,000 from the Midlands Engine Investment Fund (“MEIF”) West Midlands Debt Finance, managed by Maven Capital Partners (“Maven”), backed by the Coronavirus Business Interruption Scheme Loan (“CBILS”).
Essentially Yours Limited (“Essentially Yours”) plan to use the funding to accelerate product development and expand its marketing division, both of which form part of its ambitious growth plans which should create 11 new roles.
With its main operations in Kidderminster, Worcestershire – Essentially Yours has 20 years experience in developing research led botanical skin care products The business supplies various outlets, including beauty salons, hair salons and nail bars across the UK.
John Hamilton, at Essentially Yours Limited states: “We are most indebted to Maven for their professionalism, especially to Chris Rogers who helped us through the process. The funding will enable us to proceed with our growth plans especially during this period of uncertainty.”
Chris Rogers, Investment Manager for Maven adds: “Essentially Yours has continued to seize as many opportunities as it can for growth and with this recent funding package, the business is well on its way to achieving its ambitious expansion plans. We are pleased to be able to support Essentially Yours even during this tough business climate.”
Ryan Cartwright, Senior Manager at the British Business Bank, said: “The MEIF is improving access to finance across the Midlands, with a focus on enabling businesses to unlock new growth. Essentially Yours is set to use MEIF finance to create new jobs and push forward with its expansion plans. We encourage other businesses in a similar situation to consider the options available through the Fund.”
Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: “This is fantastic news that yet another Worcestershire business, Essentially Yours, has received funding through the Midlands Engine Investment Fund. The investment will help the company to expand with new staff which will help to boost the local economy going forwards.
“I would encourage any Worcestershire businesses reading this news to contact the Worcestershire Growth Hub to find out more about the Midlands Engine Investment Fund and the other support programmes and funds available to help your business.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.