A laser hair removal clinic in Cornwall has secured a £58,000 investment for ultra-modern technology.
St Austell’s Cornwall Laser Clinic is the latest company to receive funding from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
It has received a £58,000 loan made up of £50,750 from CIOSIF and £7,250 from SWIG Finance, which works with The FSE Group, the appointed CIOSIF fund manager, on delivering smaller business loans. The investment was further boosted with an additional £15,000 from Fredericks Foundation.
The business was set up by Anne Cooper who wanted to create an affordable and effective hair removal business for people experiencing unwanted body hair, including those living with polycystic ovary syndrome (PCOS) and members of the transgender community.
The funding will be used to purchase the latest in laser hair removal technology, making Cornwall Laser Clinic among just a few in the region offering the Alma Soprano Titanium system.
Ms Cooper said: “We believe we are currently the only clinic in the region to focus exclusively on this service and one of only two to use the latest Alma Soprano Titanium technology.
“There is clear demand for this provision in a central Cornwall location, but securing early-stage funding can be difficult when you have no track-record.
“We are grateful to The FSE Group and SWIG for recognising the market potential and look forward to working with them further as our business progresses.”
The UK laser hair removal market is estimated to be worth £2.19bn and is continuing to expand. In Cornwall alone, there are about 15,000 people with PCOS and the men’s market for unwanted hair removal has seen an increase with Cornwall Laser Clinic offering specific packages tailored to men.
Mike Chapman, CIOSIF business manager at SWIG Finance, who handled the deal on behalf of The FSE Group, said: “Anne has identified an underserved niche within an established and growing market, as demonstrated by the solid pipeline of pre-bookings she has acquired whilst securing the current funding package.
“She is well-positioned to achieve her ambition for the clinic to become one of the leading laser hair removal facilities in the South West.
“We look forward to supporting the next stage of Cornwall Laser Clinic’s journey as UK businesses re-open following the recent lockdown.”
The £40m Cornwall and Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.
Lloyd Brina, Senior Manager at the British Business Bank, said: “Cornwall Laser Clinic is a relatively young business which means it can be difficult to get financial support from traditional lenders to fund expansion. That’s where the investment fund can help and we’re delighted to be supporting Anne and her team with this important growth finance.”
John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Personal service businesses have been badly hit by the pandemic restrictions so it is good to see Cornwall Laser Clinic having the confidence to invest in its future with the very latest technology and offer an important service to the community.”
