Brighton-based eyewear brand Kirk & Kirk has launched an enterprise investment scheme (EIS) with the aid of private equity firm Growthdeck.
The scheme allows private investors to make tax savings by investing in the business.
Kirk & Kirk is seeking £1.07m in funding that will be used to launch an online-only retail collection, design a new collection for 2020, and update the company’s IT infrastructure to increase ecommerce sales.
Founded in 2013 by Karen and Jason Kirk, the wholesale arm of the brand currently accounts for 90% of total sales.
Kirk & Kirk increased sales by 43% to £725,000 in the year to 31 July. Growthdeck projects turnover to reach £1.3m in 2019/20 and £6.8m in 2022/23.
Investors in the scheme can reclaim 30% of the cost of investment against their income tax bill and will not pay capital gains tax on any income after three years.