Bodysocks rocks now it can have more stock
SIX years ago Jack Lear left school to become an entrepreneur.
He dreamed of emulating his business idol Sir Richard Branson, who also left school at a young age.
His business, Bodysocks, sells more than 50,000 fancy dress costumes for children and adults to more than 70 countries each year from its base in Tenby, Pembrokeshire.
And Bodysocks is on course to increase turnover to £2.6 million by 2019.
A £250,000 loan from Finance Wales will be used to fund further growth, with the purchase of additional stock to fulfill growing international demand.
“We’ve come a long way since our early days selling fancy dress items on ebay,” says Mr Lear.
“Our costumes have been featured on BBC2’s programme Never Mind the Buzzcocks and used during the opening ceremony of the 2012 London Olympic games.
“We are very proud of all that we have achieved and remain committed to growing the business worldwide from here in Pembrokeshire.”
Before starting the business Mr Lear says he did a lot of research.
“The fancy dress market is one where customers value design over branding,” he explained.
“This means as a small business I was able to compete with the market leaders. If your costume is better designed and provides better value than your competitors you will get sales.”
All the designs are original, many of them by Mr Lear. “Over the last six years, despite reinvesting all profits back into the business, I felt we were not fulfilling our potential,” Mr Lear said.
“Knowing that we were missing out on sales because we did not have enough stock was disappointing and frustrating.
“Obtaining additional funding was therefore crucial in order to expand more rapidly, but raising finance was a new challenge.
“The support from Finance Wales and Ashmole & Co [the accountancy firm advising Bodysocks] has been fantastic; from my initial website application they’ve guided me through the simple and straightforward process, which has resulted in a deal that is flexible and structured to meet our exact needs.
“The end result is that we are now in a better position to meet demand and help fulfill our potential.
“I’m therefore very grateful to all involved.”
The £250,000 investment in Bodysocks is the latest deal for Richard Easton of Finance Wales.
Based in Llanelli, he works with SMEs throughout West Wales structuring debt, mezzanine and equity investments ranging from £100,000 to £3 million.
He says: “Jack is a young entrepreneur with huge potential.
He has built a very profitable business with a strong turnover and huge potential for further growth, both here in the UK and globally.
“With our support, he now has the right funding in place to invest in stock and manage cash flow.
“We wish him every success.”