Crafty ideas increase business for retail entrepreneur

AN established arts and crafts shop in Sutton Coldfield has expanded its premises and created new jobs after securing a fresh finance package.

Vesey Arts and Crafts is owned by entrepreneur David Prestridge, who purchased the business in 2006 as a going concern. Recognising that the retail landscape was undergoing change, Prestridge set about expanding the offering of the business with help from Barclays.

As well as the core supply of artist materials, the business now offers a picture framing service, classes for local budding artists and a print and copy service which has resulted in the creation of three new jobs.

Prestridge was also successful in negotiating favourable courier rates for the rapidly growing online side of his business and quickly identified that this was a service he could extend to other local businesses operating online.

He now provides a local collection service for other businesses in the area which are then channelled through the same courier, resulting in significant savings for a number of other local companies.

Commenting on the changes he said: “The retail landscape has changed enormously over the last few years not only because of the economic climate but with the growing demand for online purchases. It is no longer viable for a retail business to rely solely on its high street presence if it wants to survive in today’s world.

“Having a banking team that supported our plans, understood our cashflow and worked proactively has helped us to secure a strong platform on which to grow the business in 2014.”

A new extension added to the premises has been built with support from Barclays. This has provided a better environment for local artists, added additional capacity for growth and also resulted in some cost savings for the business.

Colin Hall, director at Barclays in the West Midlands said: “David is a great example of a businessman who has recognised and faced up to the economic challenges. He has sought innovative ways in which to diversify the business and generate new income streams. It has been fantastic to support his ambitions and to grow the business and invest for the future.”