Sole Mate secures £25k from Development Bank of Wales to expand retail space
The specialist running shop is using the new micro loan to increase floor area and stock inventory.
Specialist independent running store based in Merthyr Tydfil that sells trainers and clothing alongside offering training advice.
Merthyr Tydfil running store Sole Mate has secured £25k in fresh funding from the Development Bank of Wales. The capital follows an initial £50k investment received when the shop was established last year.
The business will use the latest injection of capital to expand its retail floor space and broaden its inventory, adding brands such as Adidas to its shelves. Founded by former IT worker Paul Thomas, the independent retailer operates a social running club and a community interest company to support local runners.
The investment is delivered via the Development Bank of Wales, which backs small businesses and social enterprises across the region.
From the founder
"I worked in IT for 20 years, during which time running and being active was a saviour for my mental health. I now want to help as many people as possible to reap the same benefits by removing barriers to running. That’s why we don’t just sell trainers and clothing, we give advice on all aspects of training and kit. We also run our own social running club and we have a Community Interest Company that raises funds to help people on their running journey with coaching and therapy when needed."
Paul Thomas
Director at Sole Mate
Investor perspective
"Paul has turned his love of running into a successful business that is supporting people of all ages to enjoy a happier and healthier lifestyle. It’s great to see the positive impact that he is having in the local community."
Aled Robertson
Portfolio Executive, Development Bank of Wales
Use of funds
- 01Build out infrastructure