Cosmetics company lays foundation for international growth with £15m deal
Badgequo, the manufacturer and wholesaler of cosmetic products and toiletries, has secured £14.7m funding deal as it looks to target new export markets including the Middle East, the US and across Australasia.
Silsden-based Badgequo designs and manufactures a range of makeup as well as bath and body accessories and gift sets, with its highlighters and contouring kits seeing particular recent success.
Its products are manufactured in mainland China and Taiwan and imported to the UK. Badgequo also has an office in Germany to grow the company’s European offering and offices in Hong Kong and China to aid its supply chain management.
The business has seen significant growth over the past two to three years across Europe, particularly in Scandinavia. For 2016, its turnover was £17.5m, a 40% increase on 2015.
The funding from Santander Corporate & Commercial will provide working capital facilities to allow Badgequo to target additional new export markets including the Middle East, the US and across Australasia, as well as to increase levels of product development.
Badgequo currently employs 55 people, an increase of 13 since 2015, and is recruiting for new roles throughout 2017.
Kai Arter, group managing director of Badgequo, said: “We are keen to continue the upward trend our business has seen in recent years and see Santander as a key partner in helping us do this. A focus for us is exporting to new markets and continuing to develop great products in line with the latest trends and market demands, and the funding from Santander will give us the freedom and firepower to do so.”
Alastair Morris, relationship director, Santander Corporate & Commercial said: “Badgequo has seen great success in recent years and we are delighted to be able to support them as they target wider international growth. Their success is dependent on their speed to market with on-trend products, and we have been impressed with their ability to monitor and develop the latest in cosmetic and beauty products.”
