Published: Apr 13, 2022
Focus: MEIF Maven Debt Finance
MEIF Maven Debt Finance, managed by Maven, has provided a £500,000 funding package Night Store, a Derbyshire-based nightwear retailer and wholesaler, to expand its product range and create several new jobs.
Based at Whaley Bridge in the High Peaks, Night Store is a British nightwear retailer that sells direct to consumers via its own website, and wholesale via independent retailers and larger online fashion retailers such as ASOS and Next. The business sells its own-brand night products, mainly womenswear pyjamas and dressing gowns, but the management team aims to use the funding to launch a range of lingerie and men’s nightwear.
The business was founded by husband-and-wife team Daniel and Charlotte Hawthorne, who started Night Store as a side-line to their previous jobs. Charlotte began to design and source her own range of women’s nightwear to sell online, experiencing significant growth since formally launching in 2020. Charlotte is an experienced buyer in the fast fashion industry for brands like The Hut Group, I Saw It First, Boohoo and Missguided.
The funding will enable the business to invest in marketing to grow its digital presence online, and to purchase new stock to expand its product portfolio, as well as increasing its warehouse capacity to service its growing number of customers. Night Store also aims to strengthen its senior management team by making three key hires in the next 12 months.
“Night Store has enjoyed impressive growth to date and has already attracted the interest of several major retail brands after launching just 18 months ago. Daniel and Charlotte are a strong management team that have the relevant experience and knowledge to drive the business forward and take advantage of the growing marketplace in which they operate.”
Jonathan Lowe, Investment Director at Maven
“We’re delighted to partner with the MEIF and Maven Capital Partners. Jonathan and the team at Maven have been incredible to work with and it’s clear they share our vision for the exciting growth plans ahead.”
Daniel Hawthorne, Co-founder of Night Store
“The MEIF is here to help Midlands businesses achieve their growth potential. It is fantastic to see a Derbyshire business in the textiles sector being supported with the development of new product ranges. We encourage other businesses across the region to consider the finance options available through the MEIF.”
Lewis Stringer, Senior Manager UKN at the British Business Bank