A St Austell business offering laser hair removal services is the latest company to receive funding from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
Cornwall Laser Clinic has received a £58,000 loan made up of £50,750 from CIOSIF and £7,250 from SWIG Finance, who work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans.
The investment was further boosted with an additional £15,000 from Fredericks Foundation.
The business was set up by Anne Cooper who is passionate about providing an affordable and effective hair removal solution within an environment that is comfortable for all individuals experiencing unwanted body hair, including those living with polycystic ovary syndrome (PCOS) and members of the transgender community.
The funding will be used to purchase the very latest in laser hair removal technology, making Cornwall Laser Clinic among just a few in the region offering the state‐of‐the‐art Alma Soprano Titanium system.
Anne Cooper, Founder of Cornwall Laser Clinic, said: “We believe we are currently the only clinic in the region to focus exclusively on this service and one of only two to use the latest Alma Soprano Titanium technology. There is clear demand for this provision in a central Cornwall location, but securing early‐stage funding can be difficult when you have no track‐record. We are grateful to The FSE Group and SWIG for recognising the market potential and look forward to working with them further as our business progresses.”
The UK laser hair removal market is estimated to be worth £2.19bn and is continuing to expand. In Cornwall alone, there are around 15,000 people with PCOS and the men’s market for unwanted hair removal has seen an increase with Cornwall Laser Clinic offering specific packages tailored to men.
Mike Chapman, CIOSIF Business Manager at SWIG Finance, who handled the deal on behalf of The FSE Group, commented: “Anne has identified an underserved niche within an established and growing market, as demonstrated by the solid pipeline of pre‐bookings she has acquired whilst securing the current funding package. She is well‐positioned to achieve her ambition for the clinic to become one of the leading laser hair removal facilities in the South West. We look forward to supporting the next stage of Cornwall Laser Clinic’s journey as UK businesses re‐open following the recent lockdown.”
The £40m Cornwall & Isles of Scilly Investment Fund provides 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) and is operated by appointed fund managers The FSE Group.
Lloyd Brina, Senior Manager at the British Business Bank, said: “Cornwall Laser Clinic is a relatively young business which means it can be difficult to get financial support from traditional lenders to fund expansion. That’s where the investment fund can help and we’re delighted to be supporting Anne and her team with this important growth finance.”
John Acornley, LEP non‐executive director and chair of the CIOSIF Advisory Board, said: “Personal service businesses have been badly hit by the pandemic restrictions so it is good to see Cornwall Laser Clinic having the confidence to invest in its future with the very latest technology and offer an important service to the community.”
For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2
About SWIG Finance
SWIG Finance is the South West’s leading Community Development Financial Institution. We are passionate about bringing social and economic benefits to people and places in the South West.
We do this by providing support and finance to Start Ups and growing SMEs that can create and secure employment opportunities.
As the South West’s leading delivery partner for Start Up Loans UK, we can provide Start Up Loans from £500 – £25,000. For more information visit https://www.swigfinance.co.uk/start-up-loans/
We also have business loans from £25,000 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/business-loans/
For businesses based in or relocating to Cornwall and the Isles of Scilly, we work with FSE, the appointed CIOSIF Fund Manager, on delivering smaller business loans as part of the £20 million allocation for debt finance in Cornwall & the Isles of Scilly https://www.swigfinance.co.uk/ciosif/
If you would like to have an informal discussion about your funding requirements, get in touch with our friendly and professional team to find out how we can help: info@swigfinance.co.uk / 01872 227 932.