How we helped ihateironing with the funding they needed, when they needed it most
ihateironing (IHI) provides a premium on-demand dry cleaning and laundry delivery service that allows customers to arrange to have their clothes collected, beautifully cleaned and delivered back to their homes at the touch of a button.
The business recently celebrated its milestone of reaching 100,000 customers, providing thousands of regular customers and millions of pounds to local businesses. But where did they start out, and how did we help?
A start-up with a big dream
Founded in 2014 by Matthew Connelly, ihateironing was the first dry cleaning delivery service to operate in London and Greater London.
During the early stages of starting ihateironing, the company only had one full time member of staff, helping one day a week to recruit dry cleaners. Despite this, the business was starting to show some signs of promise, and the team knew they needed extra financing to get it to where they believed it could be.
Then came Newable Finance
Newable has been supporting businesses working at the heart of the economy, helping them to take the next step with their business through the provision of Money, Workspace and Advice for the past 40 years.
The team had heard about the great services Newable provided and were quick to make contact to apply for funding.
Ihateironing were put in contact with Chris Oram, one of our brokers who set to work trying to find the best funding solution for the business and ensuring the team were aware of all the available options.
“Chris provided valuable information on what was available and the benefits, risks, and accessibility of different types of finance that I could apply for.” – Matt Connelly.
ihateironing applied for a loan of £27k, which they secured, with the help of the Newable Finance team.
“The finance from Newable was absolutely key to our business taking off. Chris and the team were really supportive and made the whole process clear and straightforward.” – Matt Connelly.
What’s next for ihateironing?
Eight years on, and after getting a strong start thanks to the finance received from Newable, ihateironing now have over 31 head office employees, and their network of dry cleaners is made up of 70 independent master cleaners in several cities within the UK and internationally in New York City.
We asked the team about their key to success and what they hope to achieve next.
“It’s important to make sure you fully understand what is inhibiting your growth, and what would take your business to the next level. We had realised and proven that there was a market for our service and customers liked the convenience we provided – and so we were taking a loan to meet that exact demand rather than speculate on an idea that we weren’t sure would work. It’s definitely taken lots of long hours, hard work and dedication to get here. Not just from myself, but also from our growing team. However, if we didn’t get the initial loan, I’m not sure we would have survived at all.” – Matt Connelly, CEO and founder of ihateironing
About Newable Finance
Newable Finance are here to support businesses from across the UK with the funding they need. With hundreds of years of combined experience our team will work with you to find the best finance for your needs, providing free and independent advice.
Find out how we can help your business.