Maven has led a £500,000 investment in back & posture care product specialist, Handsome. A total of £250,000 was invested by NPIF Maven Equity Finance and £250,000 provided by the GMC Fund, along with the company’s lead China manufacturing partner. The funding will allow the company to execute its ambitious marketing strategy to expand overseas, invest in product development and will create five new jobs in the region.
Cheshire based Handsome has developed a range of innovative, award winning products to help consumers alleviate backpain, including support braces and belts, as well as products to improve posture, such as standing desks, posture stands and cushions for support. It is now one of the leading brands of back care products, predominately sold online, supported by national coverage across the UK including Boots.
The consumer healthcare market is growing, partly due to an ageing population and greater cultural acceptance of self-help. The global market for back care products is currently worth over £100 billion and is growing at a rate of 8% per year.
The company is managed by a team of highly experienced industry individuals: CEO Mark Critchley has 25 years’ experience in the consumer products industry, most notably at SSL International where he held Global and European Marketing Director roles. Chairman, Ian Adamson, has over 30 years’ experience in consumer healthcare companies and was COO and Plc Board Director at SSL International. CFO and Operations Director, Sean Togher, has over 25 years’ experience working in Finance, IT and operational management in manufacturing, wholesale and distribution.
Mark Critchley, CEO of Handsome, said: “We are delighted to receive investment from the NPIF fund, which alongside continued support from our existing shareholders and our lead China manufacturing partner, gives us the confidence and the resource to take the business to the next stage in it’s development. We are excited about our plans and believe we are well positioned to become a leader in the market.”
Andrew Round, Investment Director at Maven said: “Handsome is a leading provider of back care products and we are delighted to support the company as it continues to grow both in the UK and overseas. The product range is well positioned to benefit from the growing demand for back pain relief and specialist posture products in the consumer healthcare market. We look forward to working with Mark and his team and they enter an exciting new phase in the company’s development.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
If your business is in need of finance to help unlock its growth potential, NPIF Maven Equity Finance may be able to help. Contact Maven’s local team today on 0161 233 3500.