Wildacre looking good for growth

TWO businessmen who established a cosmetics company have hailed the support of the Business Enterprise Fund as the venture looks to break the £1m turnover barrier.

Wildacre Cosmetics moved to a new factory in Bingley earlier this year and is supplying a number of leading names.

Managing director, Steve Richardson, and company chairman, Steve Meredith, approached BEF looking for financial support for their personal health product manufacturing business in early 2010.

With funds of their own to invest, which would cover the capital equipment needs of the business, the pair required further funding for material stocks and working capital, but were unable to secure the additional funding needed to get the business started despite speaking to several banks.

BEF’s panel approved a loan of £50,000 in January 2010, and Wildacre Cosmetics opened its doors for trading in April 2010.

Mr Richardson said: “The support given by BEF and the mentoring program is a great help and the regular contact and support invaluable as we navigated the choppy waters of our first year in business.

“The outlook is good with a healthy order book and new potential customers contacting us regularly.”

Meg Heath, BEF’s deputy fund director, said: “Wildacre Cosmetics has had a fantastic 18 months and their company is going from strength to strength thanks to the help and support of the BEF.

“As well as the financial assistance we have provided the company, we have specialists who come into a business with an objective view and advise on sometimes very simple changes that can make a big difference.

“After Wildacre obtained bank lending, BEF have been paid back.”

BEF has attracted £10m investment from the European Regional Development Fund (ERDF).