Published: Nov 16, 2022
Focus: MEIF Maven Debt Finance
Fashion designer and retailer, 304 Clothing Limited, based in Kings Norton, Birmingham, has received £250,000 from MEIF Maven Debt Finance via the Recovery Loan Scheme.
304 Clothing was co-founded by Sean Cotter and David Powell, from their apartment in Manchester in August 2012. The pair met while studying in Liverpool and moved to Manchester for work. There, they began renting apartment 304, which inspired the name of their fashion brand. The company later moved to Birmingham and has been designing and trading there ever since.
Its range of clothing is stocked by the likes of ASDA and ASOS in addition to a number of other high street and online retailers. The business also sells its activewear for men, women, and children direct to customers through its own website.
304 Clothing will use the MEIF funding to support its expansion plans, which include expanding its manufacturing facilities, purchasing additional stock to meet rising demand, investing in improved systems and processes, and increasing headcount to support the growth of its wholesale division.
“It’s great to be involved in supporting a business with such a good brand story. Sean and David are committed to making their brand a success and they have grown their audience successfully. I’m sure that, with Maven’s support, 304 Clothing has an impressive growth journey ahead of them.
“304 Clothing is expecting e-commerce sales to rise as awareness of the brand grows, and plans to continue to develop by increasing its marketing spend in line with sales in order to advance its reach and build an even bigger customer and wholesale base.”
Sajid Sabir, Investment Manager for Maven
“We cannot speak highly enough of the team at Maven who have fully supported our business growth plans. With Maven’s help, we have been able to obtain the financial backing to support our ambitious growth plans, whichwill allow us to grow our team and create new jobs in the coming years.”
Sean Cotter, CEO & founder at 304 Clothing
“This investment from the Midlands Engine Investment Fund will support 304 Clothing’s ambitions to grow through increased manufacturing capabilities, new equipment, and roles to support wholesale contracts, whilst serving growing demand. Other start-ups with growth potential in the Midlands are encouraged to consider MEIF financing options to support expansion.”
Tracy Sherratt, Senior Manager UK Network at the British Business Bank