This article has been submitted by Finance Wales
Penguins, unicorns and safari animals are fuelling the latest fancy dress craze with Pembroke based Bodysocks on course to increase turnover to £2.6 million by 2019.
Established in 2011 by the then 17 year old Jack Lear, Bodysocks now sells over 50,000 fancy dress costumes for children and adults to more than 70 countries each year including the USA. 95% of all sales are direct to customers via online channels with 75% of all sales exported. A £250,000 loan from Finance Wales will be used to fund further growth with the purchase of additional stock to fulfil growing international demand.
Advised by Ashmole & Co Accountants, Bodysocks is the trading name of JLI Trading Limited. Managing Director Jack Lear says:
“We’ve come a long way since our early days selling fancy dress items on ebay. Our costumes have been featured on BBC2’s programme Never Mind the Buzzcocks and used during the opening ceremony of the 2012 London Olympic games. We are very proud of all that we have achieved and remain committed to growing the business worldwide from here in Pembrokeshire.”
“Over the last six years, despite reinvesting all profits back into the business, I felt we were not fulfilling our potential. Knowing that we were missing out on sales because we did not have enough stock was disappointing and frustrating. Obtaining additional funding was therefore crucial in order to expand more rapidly, but raising finance was a new challenge. The support from Finance Wales and Ashmole & Co has been fantastic; from my initial website application, they’ve guided me through the simple and straightforward process which has resulted in a deal that is flexible and structured to meet our exact needs. The end result is that we are now in a better position to meet demand and help fulfill our potential. I’m therefore very grateful to all involved.”
The £250,000 investment in Bodysocks is the latest deal for Richard Easton of Finance Wales. Based in Llanelli, he works with SMEs throughout West Wales structuring debt, mezzanine and equity investments ranging from £100,000 to £3 million.
“Jack is a young entrepreneur with huge potential. He has built a very profitable business with a strong turnover and huge potential for further growth both here in the UK and globally. With our support, he now has the right funding in place to invest in stock and manage cash flow. We wish him every success.”
Finance Wales is a highly experienced, award-winning investor who has been backing Welsh SMEs for 15 years. Further information on the Wales Micro Business Loan Found can be found at http://www.financewales.co.uk/what-we-do/finance-for-welsh-smes/smes.aspx