Start up and scale up

Small business saturday

Supporting small businesses

As we search online and to large retail companies for the best bargains, we can sometimes overlook what smaller retailers have to offer.

That’s why the Group was proud to be supporting Small Business Saturday and providing business advice on the campaign’s bus tour across the UK.

Small Business Saturday is a grassroots campaign to encourage people to shop at smaller retailers in their community.

a source of innovation

Small businesses are vital to the success of the UK economy. According to Government figures, small businesses contribute close to half of the UK economy. They also employ around 15 million people, almost two-thirds of private sector employment. Furthermore, Small businesses account for 99% of the 4.9 million businesses registered in the UK.

In addition to this contribution to society and the economy, small business can also be a source of innovation.

Memory Box Ltd was born when founder Andrew Heeps combined his passions of music and product design. He designed a unique picture frame specifically for vinyl music records and started to sell them from a stall in London’s Spitalfields Market in 2004.

But like any aspiring entrepreneur, Andrew needed more than just a good idea. He needed financial backing. And that’s when Lloyds Bank stepped in to help.

Having already secured a small development loan in 2007, Andrew was introduced to David Jarman, a relationship manager at Lloyds Bank Commercial Banking, who would help him realise his dreams of expansion.

Tailored support

Thanks to seven years of tailored support from the bank, Memory Box has since relocated to larger headquarters in Hackney, grown its UK customer base to over 200,000 people and currently trades in 13 different countries worldwide – including the USA.

Andrew said: “Memory Box will be marking its tenth anniversary this year and the fact that we have just secured a major US trading contract gives us even more reason to celebrate.

“Over the years, our relationship with Lloyds Bank Commercial Banking has been instrumental in aiding our success. The relationship team has become like an additional business partner and provides us with specific guidance and support that helps us make informed strategic decisions.”

I’m incredibly proud of how far the business has come since our days in Spitalfields Market and seeing our products sold all over the world shows that all our hard work has paid off.

Andrew Heeps, Memory Box founder

Tailored support

forging relationships

Lloyds Bank Commercial Banking, as part of Lloyds Banking Group, is committed to helping businesses start up and scale up.

David Jarman, Andrew's relationship manager at Lloyds Bank Commercial Banking, said: “We pride ourselves on forging strong, day-to-day relationships with our clients so that we can gain a deep understanding of how they run their business and what their aims and ambitions are. This enables us to tailor our support so that it matches their requirements and helps them reach their goals as easily as possible.”

Memory Box is a great success story and at the beginning of 2014 we committed to helping 100,000 other start ups get off the ground. So far we’ve already helped 75,000 with many more to follow.

Footnotes
  1. https://smallbusinesssaturdayuk.com/

  2. Memory Box

  3. Lloyds Banking Group Q3 Interim Management Statement

  4. Lloyds Banking Group SME factsheet