A fashion footwear firm which allows buyers to design their own customised trainers is stepping up its growth following significant investment.South Shields-based Mes Footwork has received £27,000 from the North East Angel Fund – one of the six regional funds set up under the Finance for Business programme, a programme run by North East Finance Limited, the holding fund manager.
The business – founded by 22-year-old Matt Scott – hopes to use the investment to expand its range of designs to 10 and upgrade its website allowing customers greater input when designing their footwear.
Matt first made his mark on the business world when he won the 2008 Northern Echo If we can, you can Challenge, run by the Entrepreneurs’ Forum. Matt impressed fellow entrepreneurs and the North East public alike with his ambitious growth plans and his determination to succeed.
The investment is the latest to be made from the North East Angel Fund, which is operated by Rivers Capital Partners Limited and managed by E-Synergy Limited. Matt, who dropped out of a business marketing management degree at Newcastle University to launch his venture, said:
“This investment will help drive the company forward, reaching a larger audience, creating more national and international sales and employing more local people.
“It’s no secret that the current economic environment is tough, not just for us but for a lot of businesses. We have had a somewhat difficult and frustrating start to the year with opportunities to grow the business but without the funding to make it happen. Now that can change.
‘I’m excited with the introduction of our new product range, which is a key factor to entering new markets. We now have the right team to build a successful and sustainable business.”
Mes Footwork is a bespoke footwear company allowing customers to design their own shoes online, by uploading pictures and text, and having a choice of hundreds of customisation options.
The company, which was started from a student flat in Jesmond in 2008, now has its own manufacturing facility at TEDCO in South Shields and employs three people. Celebrity customers include X Factor winner Joe McElderry, Eurythmics frontman Dave Stewart and former Sunderland footballer Djibril Cisse. Mes Footwork hopes to take its brand to international markets and is targeting High Street retailers as well as selling online through its website.
The investment is the second made through the North East Angel Fund, with Jarrow-based guard rail manufacturer Preforma Limited receiving £200,000 last month. The Finance for Business programme, which is part of the Government’s Solutions for Business Portfolio, is funded by the European Investment Bank, European Regional Development Fund 2007-2013 and One North East.
Jonathan Gold, director of Rivers Capital Partners, is joining the board of Mes Footwork and added: “This is an impressive company with a clear focus and high ambitions. Matt had already proved himself by making sales.
“We are seeing good demand for the North East Angel Fund but it is important that people who have good ideas are willing to see them through and do something about it.” For more information about the North East Angel Fund and how to access investment from it, visit www.riverscap.com
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