£150k investment funds growth drive by online retail specialist
A £150,000 investment by NPIF-FW Capital Debt Finance, will lead to expansion and six new jobs at Lancashire online retail specialist TymeOnline.
Based in the Blackburn Rovers Business Centre at Ewood Park, the firm helps clients trade in online marketplaces by helping them drive web traffic and build platforms to trade from.
Among its clients are household names like TJ Hughes, The Hut Group, Homebase , HMV, and Zavvi.
The loan from NPIF-FW Capital will be used to almost double the team from eight to 14 before the end of the year, as well as supporting its expansion across the UK and Europe.
TymeOnline was set up by managing director Ian Moore who initially started out as a trader on eBay to pay his way through college.
He decided to use his skills to help others trade online and eventually set up TymeOnline with two other shareholders, Ivan Durkin and Tim Doble.
Ian Moore said: “Many businesses have had to switch to online retailing, particularly recently because of COVID, however many don’t have the time, resource or knowledge of how to trade online successfully.
“Using our expertise and partnerships with eBay, Amazon and other online marketplaces, we analyse sectors to optimise data feeds and ensure that businesses make the most of every sales opportunity.”
He said the business has seen a huge upsurge in demand, but it needed to invest so it can service its additional accounts.
“Initially we approached our bank for funding, however, they were unwilling to invest. We were introduced to FW Capital and NPIF who understood straight away what we were trying to achieve and after a quick and clear process agreed to invest.”
FW Capital senior investment executive, Andy Traynor, said: “Lockdown has changed the way people shop and if retailers don’t offer an online presence they may struggle.
“TymeOnline has a strong customer base and has forged close partnerships with leading online retail platforms. The team has been extremely successful so far and we believe this investment will significantly increase their sales in the future.”
Debbie Francis, chair of the Lancashire Enterprise Partnership, said: “It’s fantastic to see continued investment into the Lancashire region from the Northern Powerhouse Investment Fund, which helps ambitious businesses like TymeOnline to meet their exciting growth plans.
“TymeOnline is yet another entrepreneurial Lancashire success story. The team recognised an opportunity through the pandemic to support other businesses to realise their full potential and meet customer demand for online retail services.”
Sue Barnard at British Business Bank, said: “Since its launch in 2017, NPIF’s impact has been wide ranging, providing funding to launch new products, employ new staff, enter new markets and more. We are pleased to continue that momentum with this investment and are proud to continue our commitment to unlocking the North’s growth potential by supporting business communities with vital investment.”