Men’s
Gift And Accessories Firm Is Groomed For Success Thanks To Bank And
Government Funding
Released on: November 4, 2009, 4:49 am
Author: Menkind.co.uk
Industry: Retail
£987,000 enterprise fund cash helps
ensure new stores are looking good
EXPANSION plans for mens gift and
accessories company Menkind Stores certainly created the right impression
with the Royal Bank of Scotland,
when it agreed to help fund the company’s plans to open five new
stores.
The high street bank decided that
Menkind could benefit from a little ‘grooming’ if its plans to
expand beyond its original single store and launch a cutting-edge new
website were to take it to the next level.
So Menkind Stores’ founder, Paul
Kraftman, went to his bank manager, Robert Laurie, with his plans, and was
put in touch with the administrators of the government’s Enterprise
Finance Guarantee (EFG) scheme.
And the bank helped Menkind secure
£987,000 of EFG cash which has gone a long way to funding the buying and
fitting out of the five new stores. The funding boost has certainly had the
desired effect on the business’s fortunes.
“Our new store openings were
fitted out in a new concept, which has proven to be a great success in
driving sales,” said Mr Kraftman.
“We are grateful to Robert and
the team at RBS for arranging the finance package we needed.”
One thing Mr Kraftman is only too well
aware of is the seasonal nature of the men’s gift market, but he
believes Menkind’s growth has been achieved because of, rather than
in spite of, this.
“Our flexible operating model
allows us to manage and align costs so effectively with the seasonality of
our market,” he added.
Menkind opened its first store in 2001
in the Lakeside Shopping Centre, Essex. The five new stores are in Aberdeen, Cardiff,
Nottingham, Liverpool and Manchester.
Its new-look website,
www.menkind.co.uk, is now live in good time for Christmas, and is crammed
with thousands gift and novelty ideas for men (and big boys) of all ages to
suit every pocket from football gifts to mens watches and remote control
cars.
ENDS
Contact Details: Adriana
Arico
Online Marketing Manager
adriana.arico@menkind.co.uk
Tel: 01306 646309
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