Eos Leisure, a group of companies predominantly working in the electronic cigarette industry, has secured a £608,000 facility from alternative finance provider ThinCats to fund growth as a result of soaring market demand.
The global vapour products market now estimated to be worth £17.1bn according to EuroMonitor.
Based in Brentwood, Essex, Eos Leisure is unique in that outside of big tobacco, they are one of only two companies in the UK to have brand, manufacturing and science under one banner. The business, which was established May 2013 and employs 35 staff across 3 sites, was one of the first to market in the UK. Their brands are sold in more than 300 locations and they have completed regulatory work for more than 13,000 SKUs for third party companies.
Now, to keep pace with the industry’s boom, Eos Leisure group CEO Simon Manthorpe, is eyeing further growth. “We had multiple loans and asset finance that had built up over two to three years and we needed to consolidate those loans to reduce interest and monthly payments,” he said. “The loan from ThinCats significantly reduced our interest rate and cut monthly outgoings by £35k.
“This refinance was part of a wider piece including an equity raise. This combination will allow us to grow the business to a projected £21m a year in year three.”
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