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Hairspray aiming for up to €6m investment to open 30 UK outlets

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Warren Logan of Hairspray

Warren Logan of Hairspray

Warren Logan of Hairspray

Irish hair products chain Hairspray is hoping that success in its new Manchester outlet will help it net an investment of as much as €6m.

Warren Logan, the company's founder and CEO revealed that as well as a new Cork store to open later this year, Hairspray is also set to open an outlet in Manchester by the end of April.

If this outlet fares well, Mr Logan is confident that he can secure between €4 and €6m worth of venture capital backing to roll out as many as 30 stores across the UK.

The chain offers beauty products and hair extensions and also sells hair extension products to salons across the country.

Started in 2006, the company had €6m worth of sales last year and employs 50 staff. The firm has four outlets across Dublin and is now planning on opening an outlet in Cork.

It also frequently pair up with celebrities such as former Miss World Rosanna Davison, who has been featured getting hair extensions put in on the company's offical Youtube channel.

Mr Logan says that the company is now aiming to start a huge expansion across the UK, starting in Manchester.

"We'll be opening in Manchester in March or April and then we should have a venture capitalist coming on board," he said. "We have been in talks with several people and they have said that they are very interested."

"They've said that if you open up one store in Manchester and it goes well, they'll look at an investment of €4m-€6m rolling out maybe 30 stores in a very short period of time." He added: "There are about four million people in Ireland and four million in Manchester. If we can make €6m in Dublin, what could we do in the UK? I'm thinking of 20 to 30 stores."

Although he did not say when the company would look to aggresively roll out across the UK, Mr Logan said that he expects that the Manchester store will be the only one opened this year as he wants to "let it breathe for six to nine months and then sit down with the VCs."

He added: "The more successful that is, the less funding we'll need and the lower the VC investors' cut will be two or three years down the line."

Regarding Ireland, while he plans to open Cork store as soon as possible, he is hesitant to look at additional Irish outlets.

"We have so many customers that come up from different parts of Ireland - but it takes so much to open a store that a lot of areas will be too small."

Sunday Indo Business