A manufacturer and distributor of ethical and environmentally responsible homeware products is the latest business to receive funding support from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), with an £80,000 loan made up of £35,000 from CIOSIF and £45,000 from SWIG Finance.
Truro based I for Design Limited produces a range of cork products that is proving increasingly popular with retailers from across the region and beyond, with an existing client list that includes Rick Stein, The Eden Project and RSPB. The business has achieved significant growth since establishing its LIGA brand in 2017; the number of stores stocking its designs has increased from 25 just last year to over 200 currently.
David Elderkin, Director at I for Design, said, “As consumers continue to seek more sustainable, ethical products, demand grows for our designs, which are created in-house at our design studio here in Cornwall. We place a strong focus on our environmental credentials, with products made from recyclable materials wherever possible. With this funding, we are able to fulfil these growing orders and take on new bespoke design contracts such as one we have recently secured with RNLI.”
The CIOSIF investment will be used to introduce a new pottery range and expand the wholesale operation across I for Design’s product offering as well as help it increase the number of stores it stocks to 300-plus in the next three years. Another of the company’s long-term goals is to increase its export activity and it is currently building this into its business plan.
The deal was led by The FSE Group, with SWIG Finance managing the process as they deliver the smaller business loans part of CIOSIF. SWIG’s Managing Director, John Peters commented: “I for Design has created a unique product range that connects with its target market, as proven by its rapidly growing client base. This is a team primed for growth and we are delighted to be working with them to help achieve their goals both now and in the future.”
John Acornley, non-executive director of the Cornwall and Isles of Scilly LEP, who chairs the CIOSIF Advisory Board, said: “It’s so important that entrepreneurs like David can access the finance they need to grow, and I’m delighted the fund has been able to support I for Design’s continued growth across the region.”
Grant Peggie, Director at the British Business Bank, added: “This deal is a good example of how the Cornwall and Isles of Scilly Investment Fund can secure additional investment to provide the level of investment business needs to achieve its growth ambitions.”
CIOSIF is a £40m fund providing debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.