Tuesday, October 16, 2018

News: Entrepreneurs reflect on growth of mirror business

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A family run business that started as an eBay shop has secured business investments worth over £30,000 with the help of a local lender.

Based at Dinnington in Rotherham, JS Mirrors has secured investment from alternative funding specialist Finance For Enterprise which will be used to help the business invest in its customer service offering, creating new roles within the business as it sets its sights on future growth.

Today, JS Mirrors employs seven members of staff and since the business was launched in 2005 has established itself as one of the UK's largest mirror specialists in the UK, which are sold exclusively online. The company was founded by Stuart Morgan after he received a sum of money on his father's retirement. Stuart, along with his siblings, were given £500 on condition they grew, rather than spent the money.

As the business began to grow, Stuart began developing additional business ventures. Today he operates four dedicated e-businesses, helping homeowners to source chandeliers, home furnishings and mirrors from the comfort of their own home.

Larger premises were needed, and unable to secure lending from a traditional high street bank, Stuart turned to Doncaster-based alternative funding provider, Finance For Enterprise for help.

Earlier this year, Stuart and his co-director Joanna Morgan called upon the help of Finance For Enterprise, enabling him to invest in a new technology infrastructure to improve the efficiency of the business. Previously known as Donbac, the lender previously helped to fund new premises and purchase stock in 2011.

Following the additional investment, Stuart and Joanna are hoping to create new customer service roles within the business.

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Clients range from members of the public, business-to-business establishments such as hotels, salons and restaurants, and even the occasional celebrity! The company has received orders from professional footballers, actors and both Strictly Come Dancing judge Craig Revel-Horwood and Liam Gallagher have both purchased unique creations for their homes! Three mirrors were donated as part of a recent episode of Love Your Home & Garden with Alan Titchmarsh.

Joanna Morgan, co-director at JS Mirrors (pictured, left), said: "Investing in staff is a big commitment for any business and we contacted Finance For Enterprise to help our business receive a cash injection as we entered into a new phase of business growth and development.

"Like many businesses, we had a proven business model and good trading history, so it came as quite a surprise when our high street lender told us that we weren’t eligible for lending. After spending some time researching our options, we contacted Finance For Enterprise, who helped us to secure the vital capital our business needed.

"The support we have received from Finance For Enterprise has proved to be invaluable to our business journey. They made the application process quick, easy and straightforward and as a result we have been able to create new jobs within the business as well as invest in new technology to prepare our business for further growth."

Alan Scott, investment manager at Finance For Enterprise (pictured, centre), added: "Many business owners are often surprised when they visit a traditional high street lender and are unable to secure the lending they need. In Joanna and Stuart's case, securing a business loan was vital to their future growth plans, ensuring they could implement the systems and procedures to improve efficiency within the company as well as enabling them to create new jobs within the local economy.

"I have worked with JS Mirrors for a number of years and they have enjoyed a significant period of growth during that time. When Joanna and Stuart approached me earlier in the year to discuss their further growth plans, I worked with them to identify a loan package which was capable of meeting their needs. I examined a number of different options and was able to help them access the right form of financial help which was capable of meeting their needs."

Exclusive Mirrors website
Finance For Enterprise website

Images: Finance for Enterprise

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