Men’s cosmetics brand, Shakeup Cosmetics, has benefitted from a six-figure working capital boost to support their ambitious growth plans.
Based in Bath, Shakeup is the UK’s fastest-growing brand for men’s skincare and is led by brothers Jake and Shane Xu.
Thanks to SWIG Finance loan, Shakeup has been able to place significant orders with their manufacturers to meet growing product demand.
The increasing demand reflects a well-executed growth strategy, which has seen the business launch its range with high-profile retailers, such as Boots, and develop its export strategy by growing sales in China, Australia and Europe.
The business currently employs 9 people, with 3 new jobs due to be created.
Of the funding, Jake commented “On the heels of a storming year in 2021, we had ambitious plans to keep up with the pace of our growth by launching into more markets and developing more products. But of course, the global trading conditions continued to be challenging, then we had geopolitical turmoil, global recession looming over us then the sharp increase in prices of just about everything, from logistics to raw material, from electricity to travel.
These unprecedented circumstances put a huge amount of pressure on the cash for businesses throughout the country, us included. The credit line we have managed to secure with SWIG removes the worry around cash and allows us to focus on growth.”
SWIG’s business manager, Rachel Thomson, said “Men’s cosmetics is growing in popularity, especially amongst millennials. It’s exciting to see Shakeup Cosmetics spearheading the movement and helping more men to embrace skincare. The fact that their products are UK made, vegan and not tested on animals makes their products even more appealing.
As a lender, we were really impressed with Jake and Shane’s growth plans, it was clear from the outset that they have well-defined growth-oriented objectives and knew what they need to do to reach their goals”.
About SWIG Finance
SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs to overcome their financial barriers, we are working to create a more balanced financial ecosystem.
We’re growing every year. In 2021/22, we lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m. Download our Impact Report for more information.
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