Hair firm to target overseas trade with loan finance

A CHEADLE-based hair extensions supplier whose products are worn by celebrities including singer Nicole Scherzinger has secured loans worth £750,000 from The North West Fund.
 
Ecotrade Europe, which trades as Beauty Works, sells branded and own-brand extensions to retailers including Next, Lipsy and Claire’s Accessories as well as independent retailers and hairdressers.
 
The loan has enabled the company to move to a larger 17,000 sq ft distribution centre to cope with increased demand and founder Penelope Cheshire now plans to expand the business in Europe and the US.

The funding has come from the North West Fund’s £45m Loans Plus pot which is managed by FW Capital and offers loans ranging in size from £50,000 to £750,000.
 
Ms Cheshire said: “Hair extensions are a multi-million pound industry and we’ve identified some significant potential new markets in Europe and the US. The cash injection from The North West Fund for Loans Plus will allow us to accelerate our growth strategy and purchase the stock we need to target these new markets effectively.”

Simon Berry, senior investment executive at FW Capital, said: “Beauty Works is a well-established business operating in a rapidly growing market. Penelope and her team are hair and beauty experts with a deep understanding of the hair fashion, trends and styles that appeal to their customers.”