Published: Dec 08, 2022
Focus: MEIF Maven Debt Finance
Equus Products and Services (EPS), has secured a follow on £250,000 funding package from MEIF Maven Debt Finance. EPS is an online retailer of equestrian equipment with a huge range of products for adults and children, including clothing, safety equipment, and stable accessories. The funding, from part of the Midlands Engine Investment Fund and backed by the Recovery Loan Scheme is aimed at smaller and medium-sized enterprises across the region that have high growth potential.
The business has previously received investment through the Midlands Engine Fund in 2018 through its equity fund managed by The Foresight Group.
Husband and wife Kim Horton and Steve Wood, founded the business in 2013 after realising the gap in the market for convenient, high-quality equestrian products, built their own online store to make products more accessible and easier to find.
The equestrian market in the UK is valued at $6.2 billion, which is just a 2% share of the global $300 billion market. This is a growth opportunity for EPS, as they have built a unique position in the market allowing people to discover new products more easily from their preferred brands.
The funding from MEIF Maven Debt Finance will be used to create new jobs, including a Marketing Manager to help the business promote its brand and reach more consumers. The funding will also support the firm in purchasing new stock to help them meet the current customer demand.
“This investment presents a unique opportunity for Maven to be involved in a business that truly prioritises the convenience of their customers, and understands the products and services their consumers need. The business has a fantastic potential for growth and I’m excited to see how the funding supports the business at this critical point in its journey.”
Graham Hall, Investment Manager for Maven
“Businesses in the Midlands that identify gaps in the market to offer better products and service to its customers are encouraged to develop and grow through the MEIF finance options available. Through this follow-on funding EPS is able to continue to help change the equestrian market in the UK, and we urge all SMEs in the region to consider MEIF funding for growth and business expansion.”
Mark Wilcockson, Senior Manager at the British Business Bank