Designer watch brand Ellington Timepiece has secured a £35,000 loan from NPIF – BEF & FFE Microfinance which is managed by Business Enterprise Fund (BEF) and Finance for Enterprise (FFE) and part of the Northern Powerhouse Investment Fund.
The Teesside based company sells premium, limited-edition watches for men and women that are designed by its founder, Teri Ellington. True to its motto, ‘Quality over quantity”, Ellington Timepiece’s current Amare collection includes a total of 600 stainless-steel men’s and women’s watches that are available in three colours limited to 100 of each. Available online and through a growing list of retailers, each watch is delivered with a wax sealed authenticity certificate.
In addition to producing sought-after watches, Ellington Timepiece helps raise awareness of mental health issues. Founder, Terri Ellington said: “I like to help raise awareness for things that matter to me the most. Mental health is a subject that I have personally struggled with. My watches have helped create a community for not only watch lovers, but also a community for those who can share their own mental health journey.”
The £35,000 loan provided by NPIF – BEF and FFE Microfinance and delivered by Business Enterprise Fund, has enabled Ellington Timepiece to launch a new website, secure professional marketing support and begin the creation of new collections.
Teri said: “BEF has given me the opportunity to help increase and maximise my business. It has helped me to produce another level of stock and to raise my brands awareness.”
Lee Vickers, Investment Manager at BEF said: “Teri has an enormous opportunity to turn Ellington Timepiece into a highly sought-after watch brand with a unique perspective on mental health. We are happy to have supported her and look forward to watching her continued growth.”
Terri continued: “I couldn’t have asked for a better investment manager. Lee, from the start, has always been at the other end of the phone whenever I needed guidance. He believed very much in my business and product and I could see this from the determination he showed to get my business accepted.”
Mark Wilcockson, Senior Relationship Manager UK Network at British Business Bank, said: “NPIF continues to provide vital funding to Northern businesses across the region. We are pleased to continue this support, and are proud to work in partnership with Business Enterprise Fund and our other appointed fund managers to make a real impact on business communities, creating jobs and strengthening regional economies to unlock the North’s potential.”
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