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9 February 2012
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23 April 2010

Pembroke start up sitting pretty after successful first year

Despite setting up in the midst of a recession, a Pembroke beauty salon has recorded a strong set of results in its first year of trading and is now expanding with the backing of Lloyds TSB Commercial.

Located on Castle Terrace, Westend Beauty Salon offers manicures, pedicures, waxing, spray tans, massages, ear piercing and professional make up packages.

The business was set up at the end of 2008 by local beauticians Emma Goodacre, Claire Owen and Jill Powell after their previous employer ceased trading.

With a loyal client base already established, the trio spotted a gap in the market to launch a new high quality salon in Pembroke and secured an £18,000 loan from Lloyds TSB Commercial to open up Westend Beauty.

Now, after trading for just over one year, the business is opening up two new treatment rooms, which will increase the range of specialist beauty techniques - such as laser hair removal and permanent make up – available at the salon.

Emma Goodacre of West End Beauty said: “We’d never considered opening up our own business before but when our previous employer closed down we realised we had the skills, experience and client base to start trading on our own.

“At first it was a daunting experience but with the financial backing and guidance provided by Lloyds TSB Commercial we were able to invest in the tools and equipment we required, as well as refurbish the salon premises to a high standard.

“We’ve worked hard over the past year to establish an excellent reputation and we’re now focused on growing our customer base and investing in new, specialist treatments.

“It just goes to show that if you have the skills and the motivation then it is possible to take the plunge and set up on your own.”

Neil Thomas, relationship manager for Lloyds TSB Commercial, said: “Emma, Claire and Jill are proof that it is possible to set up a successful company at any point during the economic cycle – as long as you have a solid business plan and the right support.

“At Lloyds TSB Commercial, we’re committed to supporting SMEs, start ups and entrepreneurs. One of the main aims of our SME Charter is to encourage enterprise and we’re taking steps to help 300,000 new start-ups – such as Westend Beauty - across the UK by 2012.”

Notes to editors

Lloyds TSB Commercial is a trading name of Lloyds TSB bank plc and Lloyds TSB Scotland and provides dedicated banking services for customers with an annual turnover of up to £15 million, from start-ups to established companies looking to grow.

Lloyds TSB was voted Bank of the Year for the fifth year running at the Real FD/ CBI FDs' Excellence Awards 2009 in recognition of the support it offers its business customers.

It has over 600,000 small business customers and has launched a three-year programme of support for SMEs.
The key points of the 2012 SME Charter are:
1. Lloyds TSB will encourage enterprise, boost access to finance and provide clearer and fairer pricing for customers – including a pledge to help 300,000 new start ups by 2012
2. Lloyds TSB will run a programme of 200 nationwide seminars every year for the next three years, to provide expert guidance and support for SMEs on starting up, employment, exporting, bidding for 2012 contracts, sustainability and finance
3. Lloyds TSB will agree to any reasonable request for competitive commercially-priced finance (whether short-term or long-term) from viable business customers
4. Lloyds TSB will not change the availability of overdrafts during the period of a customer’s agreement, as long as their accounts are kept within agreed terms and limits
5. The price of existing loans or renewed overdrafts will reflect the cost of funding. The margin Lloyds TSB charges over the cost of funding will only increase where there has been a material increase in risk (subject to a minimum 1.5 per cent over the cost of our funds). Lloyds TSB will be transparent about pricing and help customers understand the price of their facilities. Where margins increase, Lloyds TSB will provide a clear explanation of the reasons
6. Lloyds TSB’s fees will be competitively priced. And arrangement fees on loans and overdrafts will not be greater than 1.5 per cent of the overall value of the facility

For more information, please visit www.lloydstsb.com/business
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