Decision details

This report seeks approval under delegated authority for the award of a loan to KIORI Studio Ltd in the sum of £207,946.00 (two hundred and seven thousand and nine hundred and forty six pounds) for the purpose of purchasing new machineries and equipment to increase production and meet the increased demand for their products and services.

KIORI Studio is a small business based in Unit 7, Gaunson House, Markfield Road, N15 4QQ, South Tottenham, developed for the purpose of designing, developing and manufacturing ethical apparel, accessories, furniture and art for clients in the fashion and textiles industries.

KIORI Studio has established itself as an efficient and reliable operator and provides services for some of the top tier fashion clients, with the likes of MIRA MIKATI, Roksanda and Marie Yat returning as repeat customers.

KIORI Studio has strong links with fashion colleges and their students, providing consultancy, design and manufacturing services and this element of the business provides a good steady income for the company.

The demand for the applicant’s services has outstripped the company’s capacity. The applicant will use the PVF loan to purchase new machineries and equipment to increase production and take on new operatives and staff to meet the demand for their services.

The project will:
- create a minimum of 13 jobs including seven apprenticeship roles,
- improve productivity and invest in new machineries;
- will support smaller local designers and manufacturers with high quality garment, knitwear and furniture

Officers’ recommendation was approved by the PVF Advisory Group on 6th May 2022 following the evaluation of a funding application by officers and review and assessment by an independent external agency.

The recommendation is to award KIORI Studio Ltd a loan for the value of £207,946.00

This project has been recommended for approval based on the evaluation of an application and business plan solicited through an open bidding round.

The evaluation process is set out in the application pack and assesses applicants’ proposals on the contribution to core criteria of the fund, LBH’s strategic objectives as set in the Economic Priorities of Haringey’s Borough Plan and the financial and operation competency of the applicant.

PVF has been set up on the recommendations in the Upper Lee Valley Productive Valley Strategy and Opportunity Area Planning Framework, developed by Haringey, Enfield and Waltham Forest to help small local businesses gain access to affordable finance to enable them to grow and new businesses to locate in the area, addressing the major market failure of a decrease in the supply and affordability of commercial space, particularly in industrial estates, creating wider positive benefits through the intensification of employment areas and increasing business rates income. It will protect and enhance the commercial viability of these industrial areas by providing affordable loans for premises' refurbishment and increased/more efficient production.

Tottenham has been designated as a Creative Enterprise Zones by GLA and the Mayor of London. The aim of this initiative was to provide an environment where artists and creative businesses can find permanent affordable space to work and are supported to start-up and grow; and where local people are helped to learn creative sector skills and access pathways to employment. KIORI Studio is one such enterprise that started up in Tottenham and has been growing. The business is in need of investment to boost its production to meet the growing demand for its products and services. This loan allows them to grow, employ more people and support the wider creative businesses in the area. Not awarding this loan will result in KIORI Studio losing business to other manufacturers outside Haringey and undermine the good work that Haringey has done to create a cluster of creative businesses in Tottenham