Knit Nottingham, a multi-award winning independent yarn shop located in the heart of Nottingham, has secured £60,000 in funding with support from First Enterprise – Enterprise Loans for business expansion. The funding was obtained through the Midlands Engine Investment Fund II (MEIF II).
Founded in 2010 by Eleanor Burke and recently acquired by Hannah Byrne and Daniel Byrne, Knit Nottingham is a hub for knitting enthusiasts in the East Midlands. Boasting a 4.8/5 Google review score, it offers quality yarns, tools, and patterns both in-store and online. The shop gained fame after featuring on BBC Show’s “Interior Design Masters” and is known for its engaging workshops now led by Hannah, catering to all skill levels. With its rich local heritage, exceptional service, and vibrant online presence, Knit Nottingham continues to weave together a thriving community of crafters.
As co-owners, Hannah and Daniel bring complementary skills to Knit Nottingham. Hannah’s retail expertise, recognised in the 2019 Inspirational Women in Business awards, is complemented by her deep involvement in the knitting and crochet community. She understands market trends, customers, and the business’s potential. Daniel drives the shop’s online presence and expansion with his extensive e-commerce and marketing knowledge.
The funding from First Enterprise supports the purchase of the business from the previous owner, investment in stock, payment for legal work, and working capital.
First Enterprise – Enterprise Loans provides business loans ranging from £500 – £150,000, that are funded through several regional funds, for start-ups and SMEs that are unable to borrow from traditional high-street lenders. The not-for-profit organisation reinvests any surplus into loan funds to further support economic growth and job creation in the local communities.
Hannah Byrne and Daniel Byrne, Co-Owners of Knit Nottingham, comment: “The funds have helped us achieve our dream of owning a small business that also serves as a community hub for fellow creatives. Balancing life with a 2-year-old and work, we thought this would be impossible, but our Investment Manager at First Enterprise made the daunting process easy to follow and kept us updated every step of the way.”
Matthew Wright, Investment Manager at First Enterprise – Enterprise Loans, comments: “Supporting Hannah and Daniel in their application has been a rewarding experience. Their passion for creating a community hub is inspiring. Despite the challenges, they remained committed and focused. I aimed to simplify the process and keep them informed. I look forward to watching their business thrive.”