NEW funding is set to help an Aire Valley-based cosmetics company to develop its customer base and continue expansion outside Europe.

Retra Holdings Limited, which supplies some of the UK and Europe’s largest retailers. has received £400,000 from the Enterprise Ventures SME Loans Fund.

The company, which acquired Silsden-based Badgequo Limited in 2006, manufactures gift cosmetics and supplies a range of blue-chip customers in the UK and mainland Europe.

Since the acquisition, Badgequo’s customer base has grown from 70 to 300 clients, with the company reporting consistently high levels of repeat business and significant sales growth.

Kai Arter, Retra Holdings managing director, said:“We are pleased that Enterprise Ventures shares our strategy for the next stage in the development of the business. We have seen significant growth, particularly in the last two years, and this is set to continue.

“By targeting new geographical markets outside of Europe and developing our key brands globally, we plan to grow the business even further.”

Jonathan Craig, investment manager at Enterprise Ventures, said: “It has been wonderful to see Retra build out its operations, not only in the UK, but also across Europe, with some of the largest retailers as its customers. Now, as the company sets its sights on new markets outside of Europe, we feel confident that it will be able to effectively expand into additional, fast growing markets.”

Accountants Armstrong Watson, which includes offices in Bradford and Skipton, introduced Enterprise Ventures to Retra Holdings and acted as lead adviser to the company.

Partner Phil Bailey said:“We have acted for Kai and Linda Arter for over ten years since they first acquired Badgequo. It is a pleasure to work with such a well-managed and innovative company and to see it achieve success in international markets.”

The Enterprise Ventures £40 million SME Loans Fund was launched in June 2015 and supports firms mainly in Yorkshire and the North West.