Lincoln-based cosmetics company, Beauty Boulevard, approached the Investment Readiness team of the Business Lincolnshire Growth Hub in April 2016 for advice and support, prior to pitching on TV show Dragon’s Den. Glitter Lips had started as a side-line product to the core business of hair and beauty, but had experienced remarkable growth in sales.
Founders Rachel De Caux and Paula Short needed help to take the next step in realising their growth potential. They needed a significant injection of cash into Beauty Boulevard to be able to scale up their ordering, meet increased demand from their salon clients and support a new opportunity to stock a high street retailer. They also needed help with migrating from a small office/storage base above a shop in central Lincoln to premises that would be capable of meeting international demand. Rachel and Paula worked with Russell Copley from the Growth Hub on their funding strategy, valuations, financial assessment and – most importantly – their pitching skills.
They filmed Dragon’s Den in May and, despite not getting an investment offer from the Dragons on the day, they appeared on the show in September as one of the featured pitches. As a result of this exposure, and with continued support from the Business Lincolnshire Growth Hub (including live pitching at the local “Taming the Dragons” event), Beauty Boulevard has successfully concluded equity negotiations with a private investor, and has secured back-to-back distribution, logistics and operational support agreements, allowing Rachel and Paula to focus on sales, marketing and new product development.