 The exclusive deal will see Dress Fantastic as lead supplier of fancy dress costumes and party outfits for all of Matalan's UK stores. It's the latest chapter in a business story that has seen Dress Fantastic - operating out of a 30,000 square foot unit in Dundee's West Pitkerro Industrial Estate - go from a 2 staff operation with six figure turnover in 2007,to a 16 staff, £5m plus business in the space of two years.
Dress Fantastic is a whirlwind business success story but one that could have had the wind taken out of its sails early on as the company's attempts to secure finance from the big financial lenders was blown out. Thankfully for Dress Fantastic they turned to the Michelin Development business loans fund and with a £25,000 loan from the tyre giant's business development arm, they have been able to enjoy a soar away success in their sector.
Tom McCafferty,Managing Director of Dress Fantastic, said: “In the early stages of our business growth we found it difficult to get funding from the banks. We were seen as a niche business and in the prevailing economic climate the banking institutions were reluctant to invest in a company which they did not see as a traditional type of business.
“Thankfully we were able to turn to Michelin Development and secure a £25,000 loan to invest in working capital. Without the Michelin fund it would have been very difficult for us
to continue to progress and move forward.”
With the Matalan deal in place and further expansion plans in progress, Dress Fantastic are cutting an elegant figure in the Dundee business community. A Dundee company, doing well with the help of a Dundee loans fund, utilising a Dundee skills base - re-affirmed recently with the appointment of a new designer drawn from the ranks of Dundee University's art college division.
Dundee companies Dress Fantastic,TeeJay Travel – a Carnoustie based fleet bus service - and Tag Games – a games development company based in Dundee's cultural quarter – are all companies that have benefited and thrived from receiving financial assistance from the Michelin Development Fund loans scheme – illustrating the diverse nature of the companies that fly high under the Michelin Development banner.
Dave Thomson, Michelin Development Business Manager in Dundee, said: “We are very proud to have helped so many companies from the Dundee region grow and take-off as they have. It's very pleasing to have assisted such a diverse range of companies and is a true testament to the ethos of the loans fund – that if you have a good,solid well thought out business model and are committed to creating jobs in either the manufacturing or service sector (business to business) then we want to hear from you.”
Michelin Development Ltd is dedicated to helping small and medium sized businesses that can create new employment in the areas of the UK such as Dundee where Michelin has present or historic links with the community. The UK operation, which is part of a European initiative to support entrepreneurs, helps expanding businesses by sourcing competitive loans and offering free business advice.
0ver the five years since it was formed in the UK, Michelin Development has helped around 130 new enterprises in industries as varied as engineering, construction, IT and fine china and provided over £3m in loans.
Michelin Development in the next year is looking to loan a further £1 million, help another 30 companies and create around 250 jobs. Interested parties should refer to www.michelindevelopment.co.uk to see how to qualify.
 |
Subscribe to this comment's feed