Tilly and Ted, a Cheshire-based online homeware store, has secured a significant £55,000 loan to boost its business operations.
- The funding comes from NPIF II with a focus on scaling up operations and increasing product margins.
- Founded by Louise Ward during the COVID-19 pandemic, Tilly and Ted bridges high-end designs and mid-range prices.
- With a 53% year-on-year growth, the store plans to enhance its digital marketing and expand internationally.
- This strategic financial move aims to tap into new markets and widen the store’s product range.
Tilly and Ted, an online store specialising in high-quality homewares, has acquired a £55,000 loan from the Northern Powerhouse Investment Fund II (NPIF II). This financing is expected to support the store’s ambitious growth plans, focusing on expanding its operational scope and product offerings. This move reflects a strategic effort to boost the company’s market presence and profitability.
The company was launched during the COVID-19 pandemic by Louise Ward, who transitioned from a career in cabin crew to entrepreneurship, inspired by her passion for interior design. Starting as a garage project in Lymm, Cheshire, Tilly and Ted seeks to fill a niche by offering exclusive designs that combine classic elegance with distinctive finishes, yet remain affordable.
Over the years, the business has prospered, noting a remarkable 53% increase in turnover annually. To manage the escalating demand, operations have extended beyond Ward’s initial setup, moving to an external fulfilment centre. With the new funds, Ward aims to further scale her business operations, thus increasing her product margins significantly.
The store is set to enhance its digital marketing strategies by hiring a part-time specialist to handle social media engagement and customer service. This enhancement will strengthen its brand presence and customer connection within the UK market.
Looking ahead, Tilly and Ted intends to extend its product range into international markets, capitalising on newfound financial backing to tap into global demand. Louise Ward, the founder, commented on her journey and future plans, expressing pride in the progress and potential of her business. Her statement, ‘From a passion project that started in my garage, I’m incredibly proud of how far Tilly and Ted has come,’ underscores her commitment to continued growth and innovation.
Alison Darkes, investment manager at GC Business Finance, commended Ward’s entrepreneurial spirit and identified the funding as a catalyst for unlocking Tilly and Ted’s potential for long-term growth. Darkes noted that this financial support serves to increase the diversity of early-stage finance available to promising businesses across the North of England.
The NPIF II initiative aims to foster sustainable economic development by providing critical funding to small and medium enterprises in the North of England. It offers an essential platform for businesses to scale, innovate, and seize new opportunities, paving the way for regional growth.
The strategic funding acquisition marks a pivotal point in Tilly and Ted’s journey, promising robust growth and broader reach.
