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Award-winning Badgequo Ltd targets new export markets
Silsden-based Badgequo Ltd, a manufacturer and wholesaler of cosmetic products and toiletries with clients across the UK and continental Europe, is targeting new export markets and investing in continued new product development, as a result of a £14.7 million funding package from Santander Corporate & Commercial.
Badgequo designs and manufactures a wide range of makeup as well as bath and body accessories and gift sets, with its highlighters and contouring kits seeing particular recent success. Its products are manufactured in mainland China and Taiwan and imported to the UK. Badgequo also has an office in Germany to grow the company’s European offering, and offices in Hong Kong and China to aid its supply chain management.
The business has seen significant growth over the past two to three years across Europe, particularly in Scandinavia. For FY2016 its turnover was £17.5 million, a 40% increase on FY2015. The £14.7 million funding from Santander Corporate & Commercial will provide working capital facilities to allow Badgequo to target additional new export markets including the Middle East, the US and across Australasia, as well as to increase levels of product development.
The funding will also allow Badgequo to remain flexible and able to respond to trends in the sector quickly – an essential part of its business model. The business currently employs 55 people, an increase of 13 since 2015, and is recruiting for new roles throughout 2017. In March this year, the firm’s Technic Colourfix Bronzing Baked Eyeshadow palette was awarded an Editor’s Choice award in this year’s Beauty Shortlist Awards.
Kai Arter, Group Managing Director, Badgequo, said:
We are keen to continue the upward trend our business has seen in recent years and see Santander as a key partner in helping us do this. A focus for us is exporting to new markets and continuing to develop great products in line with the latest trends and market demands, and the funding from Santander will give us the freedom and firepower to do so.
Alastair Morris, Relationship Director, Santander Corporate & Commercial said:
Badgequo has seen great success in recent years and we are delighted to be able to support them as they target wider international growth. Their success is dependent on their speed to market with on-trend products, and we have been impressed with their ability to monitor and develop the latest in cosmetic and beauty products.