Bristol-based father-and-son beachwear business Tom & Teddy is ready to embark on its next growth phase after receiving £750,000 in financial support.
The funding will be used to launch new products, widen the range from swimwear to include caps and flip flops, recruit staff and increase its online advertising. 
Some £350,000 has come from the government-backed Future Fund, which backs innovative companies facing financial difficulties due to the coronavirus outbreak, with the same amount from the firm’s existing shareholders and co-investors.
The Westbury-on-Trym based firm has also been awarded a £50,000 bounce back loan for smaller businesses navigating the Covid-19 crisis.
The business was the brainchild of husband-and-wife team Jelle de Jong and Michelle L’Huillier, pictured below, who were inspired by the beach lifestyle of Australia where they lived from 1999-2008.
Four years later, having relocated to Singapore, the couple, pictured below, launched their first range – initially in Australia then in the US.
Since then online sales worldwide have grown significantly. Last year the couple, who relocated with their sons Tom and Alexander to Bristol in 2016, received a £40,000 investment from the Bristol Private Equity Club (BPEC) to expand the business.
Turnover is now forecast to pass £2m this year, with the directors forecasting £8m in sales by 2024. 
Michelle L’Huillier said: “This money from the Future Fund, taken together with the matching investment from our shareholders and co-investors and the bounce back loan, means we now have an additional £750,000 to re-invest in the business.
“Last year we added polo shirts and T-shirts to our range and in 2021 we plan to launch caps and flip flops, among several other items.
“These funds will also be used for recruitment - we will look to employ a product specialist responsible for creating and updating tech packs, researching new products and liaising with our factories.
“The third strand is advertising. Last year we began to increase the focus on our online channel and have seen a significant increase in online sales as a result. We intend to continue to increase this commitment.”
Tom & Teddy was assisted in the Future Fund application process by Bristol law firm VWV.
VWV corporate partner and head of technology Nathan Guest said: “We are delighted to have supported Tom & Teddy throughout the application and investment process.
“The new investment from the Future Fund will enable Michelle and Jelle to accelerate the growth of the business, including through the development and launch of exciting new product lines.”
The Future Fund was launched by the government in May and is open to UK venture-backed companies and those that have participated in accelerator programmes. The funding takes the form of convertible loans ranging from £125,000 to £5m, subject to at least matching investment from private investors.
The scheme is aimed at companies that cannot access the Coronavirus Business Interruption Loan Scheme and are more suited to equity investment.
