Boost for L’Oreal-backed hair firm as it raises £1.2m

A beauty start-up backed by L’Oreal has raised £1.2million to help salons bounce back from lockdown. 

About two-thirds of the UK’s 49,000 hairdressers and beauty salons still take bookings over the phone using paper and pen. 

But Slick, a software firm set up by former City banker Stephanie Madgett and ex-L’Oreal marketing director Rob Smith, said the near 1,000 UK salons that have signed up to its digital booking system have typically boosted revenues by 25 per cent. 

Original: About two-thirds of the UK’s 49,000 hairdressers and beauty salons still take bookings over the phone using paper and pen 

Slick also provides digital systems to run salons’ accounts, stock management, payroll and marketing more efficiently. 

L’Oreal owns 8 per cent of Slick, which was set up in 2018 through the Founders Factory investment firm run by Lastminute.com founder Brent Hoberman. 

Investors in its latest funding round included Mike Wroe, the former finance chief of takeaway app Just Eat. 

Slick hopes to reach £1million sales next year, up from around £400,000. 

Hair and beauty salons are hoping to be able to reopen on April 12.