A giftware business which creates and sells branded goods from some of the most popular franchises in the world has won £250,000 of funding for the next stage in its growth strategy.
Groovy UK, which is based in Leicestershire, is a developer, wholesaler and distributor of giftware products to big high street and online retailers, such as Argos and Harrods.
An in-house design team, based at Narborough Wood Park, Enderby, manages exclusive UK and European distribution rights for big name brands such as such as Star Wars, Harry Potter, Marvel and Doctor Who.
It supplies everything from branded dressing gowns, slippers, cups and saucers, bags and notebooks.
Founder and managing director Monique Scott has 25 years’ experience in the gift and gadget sector in senior development roles, supported by sales director Tony Lewis, who is experienced in sales and business development, and managing relationships with key global licensees including Disney, Mattel, BBC and Hasbro.
It has now received a £250,000 loan facility from the Midlands Engine Investment Fund (MEIF), managed by Maven Capital Partners.
This new round of debt funding will be used to increase sales capacity, improve design quality and innovation, and funding vital new administrative and operational roles.
Monique Scott said: “We are delighted to receive this loan and look forward to investing in our business, offering our customers unique products to help them stand out in the crowd.
“The MEIF loan funding will enable us to pursue our growth plans, expand our product lines, and supply high quality, unique products. This is an exciting time for the business, and we look forward to working with Maven in the coming years.”
David Tindsley, investment manager at Maven Debt Finance, said: “Groovy is a creative and innovative business, led by an extremely passionate and ambitious management team who are excited to drive the business forward.
“The MEIF Maven Debt Finance loan will enable Groovy to exploit new opportunities and achieve their ambitious growth plans. We look forward to working with the company as it enters a next phase of growth.”
The company was introduced to Maven by accountants K2 Management Solutions, in Nottingham.
K2 managing director Kym Ellington said: “This funding proposal was the result of an excellent relationship and collaboration between K2, Maven and Groovy.
“We are delighted to have assisted with this outcome and look forward to working with both parties on future projects and funding requirements.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).
It can provide debt finance, small business loans, proof of concept and equity finance funds ranging from £25,000 to £2 million, specifically to help small and medium sized businesses secure the funding they need for growth and development.
