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
2012
