Seaweed skincare brand, ishga, has secured an invoice finance facility from Bank of Scotland which will allow for future expansion.
The Isle of Lewis based company hand-harvests Hebridean seaweed, which is used to produce a range of organic skincare products with natural anti-oxidants and anti-ageing properties.
Invoice finance options allow businesses to release up to 90 per cent of the value of their invoices, typically within 24 hours, providing them with the working capital they need to invest elsewhere in the business.
The brand has been developing since 2011 and the invoice finance facility will free up cashflow to allow the business to invest in exports, recruitment and equipment for its production line.
ishga currently works with luxury spas and hotels across Scotland, including Blythswood Square Hotel in Glasgow, and exports its cosmetic products to China and the Netherlands. It is now looking to target new markets in America.
There are currently 10 members of staff employed across the business and at least five new jobs will be created as it looks to supply its products to hotels, spas and shops in the UK and abroad.
The firm is also preparing for a projected 300 per cent increase in orders this Mother’s Day.
Malcolm Macrae, director at ishga, said: “We notice a steep rise in our internet orders at certain times of the year and Mother’s Day is always huge for us. We had a very successful Valentine’s Day last month and we’re prepared for a similar rise in activity over the next week.
“In 2016, our turnover increased by 25% and we are continuing to grow at a fast rate. The team at Bank of Scotland shares our enthusiasm for growing our business and have taken the time to tailor a financial facility that is turning our ambitions into a reality.”
Lindsay MacLeod, relationship manager at Bank of Scotland, added: “It’s great to see such a unique business take full advantage of one of its busiest trading days. The cosmetic industry in Scotland is very innovative and ishga is a great business for us to support.
“Having had a 12-year relationship with the business, alongside our specific sector knowledge, we were able to tailor a facility that suited ishga’s needs. Bank of Scotland is committed to helping Scotland prosper and provides a variety of financing options to give businesses the headroom to grow.”