TRENDI SWITCH LTD
Trendi Switch's director, Ben Sunderland, is a long-term Crowd2Fund client with a perfect repayment history since 2017. Trendi Switch offers design-led functional plug sockets and high-quality wire accessories. They have 30% year-on-year growth, operating both online and in major retailers such as Homebase and Next. Their deals range from small houses to large hotels like The VIP Hotel Qatar as well as boutique hotels in Malta and Cyprus. They were also featured on the BBC show 'Your Home Made Perfect,' which provided excellent publicity and improved sales. As demand grows around the world, they are seeking funds for stock and working capital.
Bring design led functional products to the worldwide market place
For many years, till now, the historical light switch and socket have been similar in design. We are committed to providing new and modern designs that are also functional. Based on feedback from the public and our stockists, we are constantly expanding and refining our range of products. All of our devices are simple to install and require no additional wiring. They also offer scratch-resistant faceplates and fireproof ABS plastic module casings. The products are simple and easy to clean, allowing our customers to maintain the quality of their products and enhance longevity.
We are continuing to grow the business, creating key supplier relationships with the biggest players in the Lighting Industry, whilst also creating products and brands ourselves. We currently have 35,000 products, with our Stock Keeping Units delivering to over 50,000 customers a year. Working closely with clients, suppliers, manufacturers & distributors we produce positive end results. To meet the demand, we are raising funds for expansion and stock.
The directors are providing personal guarantees, this means that if the business fails, the directors become personally liable for the loan. We have taken a cross guarantee with The Internet Retailer Ltd, however, this does not ensure there are sufficient assets should the loan need to be recovered. The directors are homeowners, however the total facilities lent to the Trendi Switch Ltd and The Internet Retailer Ltd exceeds the equity available in their properties. Based on our calculations, the company appears to have negative TNW. There have been no CCJs for the business or directors. The Equifax score and grade, on which we base our assessment of risk, are based on the 2021 accounts. We have performed our assessment on recent financial information, including 2022 draft accounts, which were not available to Equifax. The year-to-date draft account shows that profit before tax is £105,992 and shareholder funds of £192,385, including a revaluation reserve of £50,000. The bank statements demonstrate reasonable affordability and the accounts remain well in credit.
The business advised that although labour costs have increased, the rise in the U.S. dollar has improved COS by 2-5% so far. As the majority of lending to the business is at a fixed rate, they will not be immediately affected by interest rate increases. The directors expect to decrease their drawings from the business by 10-20% as their loans are all at fixed rates to ensure they are as efficient as possible moving into 2023. Trendi Switch Ltd advised that they are less likely to be impacted by inflationary pressures as they raised their prices in April 2022 by an average of 17%. They have also achieved margins that will allow for 10-20% movements in inflation / exchange rates / shipping costs / covid costs / recession costs and fluidity within the business. The end of 2022 is an exciting time for the company, with B&Q coming onboard with an in-store offering of a new range that will launch in late 2022 or early 2023.
Switch it Up
Forest Row, UK
"Bring design led functional products to the worldwide market place"