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Cheshire-based online homeware store secures backing from NPIF II

Press release 04 December 2024

Tilly and Ted, an online, high-end homeware store based in Cheshire, has secured a £55,000 loan from NPIF II – GC Business Finance & River Capital Smaller Loans, delivered by GC Business Finance & River Capital as part of the Northern Powerhouse Investment Fund II (NPIF II).

Conceived during the COVID-19 pandemic by Louise Ward, Tilly and Ted was created to provide a bridge between high-end furnishings and mid-range price points. By sourcing unique furniture not found on the high street, the website combines classic and timeless styles with unique finishings.

Having worked as cabin crew for a number of years, Louise took some time out from her career when having children. Having always loved interior design, Louise decided to take the plunge and set up shop in her garage in Lymm, Cheshire.

As the business continued to grow, Louise began using an external fulfilment centre to cater to Tilly and Ted’s growing order book. Subsequently, Tilly and Ted has achieved 53 per cent year on year growth in turnover. However, to help scale the business further and increase margins on products, Louise worked with the GC Business Finance team to secure external finance through NPIF II.

With the funding in place, Louise will be focusing on growing the business and scaling operations. The business operates a successful digital marketing programme and will be looking to build on this by hiring a part time team member to focus on social media and customer service. Currently only operating in the UK, Louise is also looking at expanding the website’s product offering to an international market.

Louise Ward, Founder of Tilly and Ted, said:

From a passion project that started in my garage, I’m incredibly proud of how far Tilly and Ted has come. I’ve always loved interior design, but never considered turning it into a career. However, with the right support I’ve been able to grow Tilly and Ted to be a financially viable, successful business.

It’s now all about scaling my business further to increase margins, and it was clear I needed external finance to do this. Alison and the GC Business Finance team have been a great help, not only helping me to secure funding through NPIF II, but also giving me invaluable advice and making the whole process simple. There’s plenty to be excited about at Tilly and Ted, and I can’t wait to see what we achieve next.

Alison Darkes, Investment Manager at GC Business Finance, said:

Louise exemplifies what it means to be an entrepreneur, spotting a gap in the market and turning one of her long-held passions into a successful business. By working closely with Louise, it was evident how much opportunity there was in Tilly and Ted, and we wanted to help her unlock this. By securing essential funding through NPIF II, Louise will be able to increase margins on products and ensure growth for the long-term. I look forward to seeing what’s next for Tilly and Ted.

Sue Barnard, Senior Manager at British Business Bank, said:

NPIF II is all about helping ambitious entrepreneurs and founders to grow their businesses and drive growth. We want to ensure every type of business is able to access capital, no matter their sector or history. Tilly and Ted is a great example of this, using the funding to scale and create jobs in the Northern economy.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

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Notes to editors

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding.  NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland. 

Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)

Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)

Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East) 

Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages.

About GC Business Finance

GC Business Finance (‘GCBF’) is a responsible lender. It exists to give small businesses and entrepreneurs the confidence to be successful in their growth journeys.

By offering debt (loans) and equity finance to start-ups, early stage and growth businesses, it is committed to helping companies realise their potential.

The organisation is powered by a unique technology platform, but has a team of financial experts on the ground who are immersed within the local small business eco-systems. Our team helps entrepreneurs navigate the financial landscape, and supports finance for growth.

GC Business Finance offers loans and equity funding from £500 to £2m to businesses looking to start up, grow and thrive.

For more information, visit the GC Business Finance website.

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