A luxury Lisburn-based bed linen company has secured a £400,000 investment from the Growth Loan Fund II and will create four new jobs over the next 12 months.
Linen Bundle sells luxury bed linen through an ecommerce platform. The company currently ships to the UK and Ireland and will be launching in France this month.
Its director, Thomas Glackin said: “My business partner Paul and I have over 10 years’ experience in the industry and noticed a gap in the market for affordable luxury bedding. Consumers were either paying a high price for good quality or sacrificing quality in favour of lower prices. There was no middle ground and that is why Linen Bundle was created.”
He added: “Having enough inventories is always a challenge for any ecommerce business but the loan from the Growth Loan Fund means the business is in a healthy position for future growth. By the end of the year, we’re going to expand our range to include duvets, pillows and all other ancillary bedding products.”
Invest NI provides the finance for the £30m Growth Loan Fund II, which provides loans to established Northern Ireland SMEs (small-to-medium enterprises) seeking to access growth finance.
It is partially funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020. WhiteRock Capital Partners LLP was established in 2012 to manage the Fund and is owned by Whiterock Finance Limited and Clarendon Fund Managers.
Jenna Mairs, Senior Investment Manager at Whiterock Finance said: “It is estimated that ecommerce revenues in the UK hit £69bn last year, with 80% of people purchasing online. Linen Bundle is a company with high growth potential which has been demonstrated by the level of demand seen so far.”
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth and generally be in the manufacturing, engineering or tradable services sectors.
