By Kristy Dorsey
Design business INK has secured a six-figure equity injection to help further build on its presence in the market for merchandise produced on behalf of major consumer brands.
The Glasgow company – which works with the likes of KFC, Warburtons and Cadbury – has raised £140,000 from Scottish-based Shancastle Investments following a period of significant growth. Revenues are on track to grow from £400,000 in 2020 to £600,000 in the current year, and are expected to reach £1 million in 2022.
Originally set up in 2005 by David Taylor, INK began as a side-project producing t-shirts and other merchandise on behalf of artists from the Glasgow music scene. It started working with recording giant EMI in 2011, developing products for high-profile acts such as Nirvana and Run-DMC.
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From there it expanded into placing products with retailers Primark and River Island, a business that Mr Taylor said was “taking off” prior to lockdown restrictions that shuttered high street stores for much of last year. It was during that period that INK landed a deal with KFC to deign a hoodie given to staff as a “thank you” from the fast food chain to its employees in the UK and Ireland for their efforts during the pandemic.
The company has now launched several direct-to-consumer online merchandise stores for its brand partners featuring products such as bucket hats for KFC and novelty “crumpet slippers” for Warburtons.
“We are delighted to have Shancastle join the team at INK,” Mr Taylor said.
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“Aside from supporting growth, the investment is absolutely aimed at ensuring we can continue to provide our brand partners with the best service possible and support all the upcoming projects we have lined up. We are incredibly excited for the future of the business.”
Trained and qualified as an accountant with KPMG, Mr Taylor recently left the firm to head up INK full-time. He retains a 40 per cent stake in the business, while Shancastle owns 15% of the equity.
In 2019, Glasgow-based agency D8 took a 35% stake in the business in exchange for providing INK with additional design resources.
Guy Stenhouse, chairman of Shancastle, added: “INK is a well-led and dynamic business which is a leader in its specialist field. Shancastle is delighted to be investing in INK to support its growth plans."
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