East End Manufacturing has secured £150,000 through a crowd-funding scheme to pay for the next stage of the factory business’ development.
Chief executive Barry Laden off ered a 20% stake to reach the investment required to expand beyond its current premises, which it plans to do later this year. The funding target was reached within a matter of days from 72 investors, who each invested between £10 and £50,000.
The factory, which offi cially opened earlier this year, has now signed a lease for new premises in Mile End. It will enable capacity to increase to 6,000 items a week, up from a maximum of 1,000 a week at its current Bethnal Green location.
The team will relocate in August, at least two months ahead of schedule. Laden said that the move would help the factory to secure orders with more brands, having already started discussions with the likes of Pretty Green, among others.
“It made sense to move now so potential clients can see we have the capacity to grow,” Laden said. “We’ll only get a couple of extra members of staff [this summer], but the move means we will be in a position to expand more easily when the time comes.”