Foresight Group has announced a £375,000 investment into Nottingham-based Equus Products and Services via the Midlands Engine Investment Fund.
Equus is a niche ecommerce business focused on the equine sector, offering a broad range of clothing and specialist products for riders.
In 2017, Equus became the UK’s fastest growing online equestrian products business and now has a dedicated customer database of over 34,000 members.
The company was founded in 2013 by wife-husband team Kim Horton (CEO) and Steve Wood (COO), who were disappointed with the service and range in their local equine shop.
They sought to create a customer-centric online offering “by riders, for riders”, providing carefully selected products from an array of the best brands across the market.
Kim and Steve together have over 15 years’ experience in the ecommerce sector, having worked at big names such as John Lewis, Tesco.com and Argos.
Foresight’s investment will enable the company to focus on marketing, while also investing in broadening its existing product range and scaling the Equus brand throughout the UK.
The firm has already appointed an online marketing specialist to help further develop its email and marketing campaigns – an important step in increasing its repeat client base.
Commenting on MEIF’s investment, Kim Horton, CEO, Equus, said: “We are delighted to have received investment from Foresight and the Midlands Engine Investment Fund.
"Equus targets a niche but reliable client base of regular horse riders who are looking for high-quality products through the ease of online shopping and this investment will support our ongoing growth in this market.”
Additionally, Equus will be relocating to Wyboston in Bedfordshire, a move which will increase office capacity, support the hiring of additional staff and accelerate the growth of the business.
It is predicted that eight new jobs will be created in the first year following the move.
On the completion of the deal, Ray Harris, Principal, Foresight Group, commented: “Equus is the perfect example of the type of early-stage, niche business in the Midlands region which we look to invest in through the Midlands Engine Investment Fund.
"Kim and Steve make a strong analytical force, as is apparent from Equus’ consistent year-on-year growth. We look forward to working with them and the team, watching the company grow from strength-to-strength.”
Grant Peggie, director, at the British Business Bank, added: “With the support of the Midlands Engine Investment Fund and Foresight, it’s good to see that this business is now able to expand its ecommerce presence, supporting economic growth and creating new job opportunities.”
The Midlands Engine 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.
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