CILIARY BLUE LIMITED
CiliaryBlue Ltd is a leading online retailer that became one of the very first businesses to sell non-prescription and prescription lenses over the internet. A more cost-effective business model means that the company is able to provide thousands of lens combinations at a lower price point than high street opticians.
The online retailer launched in 2006 and since then has grown to become a market leader with a 30,000-strong customer base.
Last year the business recorded a turnover and operating profit of £334,000 and £108,000 respectively. Monthly sales are currently around the £28,000 mark while profits are circa £8,000.
CiliaryBlue requires a £74,000 loan to finance the launch of a brand new website which is designed to enable customers to ‘build’ lens packages online. This will not only expedite the buying process – some non-core product orders currently have to be placed over the phone – it will also enable a wider selection of lenses to be ordered; available lens combinations will rise from 250 to over 10,000. It is expected this will increase both overall customer satisfaction levels and target market size.
With the new website, which is in the later stages of completion and set for a December 2015 launch, the business istargeting 20% growth thanks to both a higher volume of orders and a wider selection of lenses.
With these changes in place, conservative forecasts show the business making a turnover of £357,000 in 2016 with an operating profit of £100,000, and a £411,000 turnover in 2017 with £123,372 operating profit.
Purpose of Loan
With an enhanced website, the business is expecting an increase in demand, meaning the business will need an additional glazing machine, increased marketing and advertising as well as 1-2 additional members of staff and expansion of lab and office.