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Monday, January 20, 2020

Nottingham-based British watch brand to expand after funding boost

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Morris Richardson, a British lifestyle watch brand, is expanding its offering thanks to a five-figure funding injection from Enterprise Loans East Midlands.

Set up by Tom Morris Richardson and his father Andrew in 2018, the e-commerce business celebrates quintessentially British style with its range of genuine Harris Tweed, calf leather and Milanese mesh watch straps paired with Swiss made timepieces.

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Tom said: “We set up last year and have since developed a thriving wholesale channel both domestically and internationally. Our design ethos is based around creating the perfect companion for each and every occasion and our inspiration is firmly rooted classic British style.

“Morris Richardson was born from a personal frustration of not being able to find a high quality, on-trend watch that worked for every occasion. Our focus is therefore on offering excellent quality watches that will stand the test of time, at an accessible price point.

“We were introduced to Enterprise Loans by Nottingham City Council and D2N2 and it’s been a fantastic experience. Our business advisor Mayah was incredibly helpful in guiding us through the process, which was extremely thorough. We prepared very detailed business forecasts, including both profit and loss and cash flow forecasts, which identified our funding requirements.”

Morrison Richardson received funding via Start Up Loans and was used to purchase stock and provide liquidity for ongoing orders. The team also used the funding to invest in the brand’s e-commerce offering and create a 12-month digital marketing strategy.

Tom added: “Our short-term goals are to build up the brand within the country and equestrian sector and also the more mainstream retail market. However, the long-term plan is certainly to expand the Morris Richardson brand globally.”

Mayah Riaz, business advisor at Enterprise Loans, said: “Tom is incredibly passionate about Morris Richardson watches and, with his background in business and having already taken the country and equestrian industry by storm, I have no doubt he will make it a sure-fire success.

“Here at Enterprise Loans, passion for your business is the first thing we look for but this has to be backed up by a solid business plan and forecasting. Tom and Andrew had a good plan in place and after putting them through their paces it’s now really solid. Businesses like this are what Start Up Loans was set up for and it was great to be part of their journey.”

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