Tilly and Ted, an online, high-end homeware store based in Cheshire, has secured a £55,000 loan from NPIF II – GC Business Finance & River Capital Smaller Loans, delivered by GC Business Finance & River Capital as part of the Northern Powerhouse Investment Fund II (NPIF II).
Conceived during the COVID-19 pandemic by Louise Ward, Tilly and Ted was created to provide a bridge between high-end furnishings and mid-range price points. By sourcing unique furniture not found on the high street, the website combines classic and timeless styles with unique finishings.
Having worked as cabin crew for a number of years, Louise took some time out from her career when having children. Having always loved interior design, Louise decided to take the plunge and set up shop in her garage in Lymm, Cheshire.
As the business continued to grow, Louise began using an external fulfilment centre to cater to Tilly and Ted’s growing order book. Subsequently, Tilly and Ted has achieved 53 per cent year-on-year growth in turnover. However, to help scale the business further and increase margins on products, Louise worked with the GC Business Finance team to secure external finance through NPIF II.
With the funding in place, Louise will be focusing on growing the business and scaling operations. The business operates a successful digital marketing programme and will be looking to build on this by hiring a part time team member to focus on social media and customer service. Currently only operating in the UK, Louise is also looking at expanding the website’s product offering to an international market.
Louise Ward, founder of Tilly and Ted, said: “From a passion project that started in my garage, I’m incredibly proud of how far Tilly and Ted has come. I’ve always loved interior design, but never considered turning it into a career. However, with the right support I’ve been able to grow Tilly and Ted to be a financially viable, successful business.
“It’s now all about scaling my business further to increase margins, and it was clear I needed external finance to do this. Alison and the GC Business Finance team have been a great help, not only helping me to secure funding through NPIF II, but also giving me invaluable advice and making the whole process simple. There’s plenty to be excited about at Tilly and Ted, and I can’t wait to see what we achieve next.”
Alison Darkes, investment manager at GC Business Finance, added: “Louise exemplifies what it means to be an entrepreneur, spotting a gap in the market and turning one of her long-held passions into a successful business. By working closely with Louise, it was evident how much opportunity there was in Tilly and Ted, and we wanted to help her unlock this. By securing essential funding through NPIF II, Louise will be able to increase margins on products and ensure growth for the long-term. I look forward to seeing what’s next for Tilly and Ted.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
It is intended to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
