A new luxury brand design business, established in the island, has become the latest company to receive investment from the Isle of Man Government’s controversial Enterprise Development Scheme.

Coco Cushions manufactures and designs high-end luxury cushions under its trading name, House of Muir Mont.

It has received a loan from SPARK Impact Limited to assist with job creation and marketing into the UK.

The scheme has been in the headlines in recent months after it emerged only £3 million was issued out of a potential £50 million fund for new businesses - and just 11 jobs created directly as a result.

The spotlight focused on whether the scheme has worked. And the scheme will be reviewed as part of an overall shake-up of business support schemes by the Department for Enterprise.

Now, investment manager Chris Walters from SPARK Impact, which was appointed to run the fund in March 2016, has defended the scheme and claims it is encouraging to see the scheme attracting a high level of interest from both Isle of Man businesses and those seeking to relocate here.

She said: ’The deals have been concluded across a number of sectors, including healthcare, eCommerce, technology, and Coco Cushions is just the latest recipient to be thriving.’

She claimed that from start-up to expansion and development, the EDS offers flexible funding packages, including loan and equity investments.

She added: ’It has many components to help make an impact in the island’s community and to further grow the Manx economy.

’While creating on-island jobs and delivering financial return as an overall scheme, its aim is to make a wider impact. Yes, it is ambitious, but there are numerous benefits.

’It not only nurtures local talent and offers them the chance to start and to grow, it creates more jobs for the Isle of Man workforce and encourages inward migration.

’That can only be applauded.’

House of Muir Mont co-founder Valma Muir moved to the island from South Africa three years ago and has more than 25 years’ experience in the interior design industry, specialising in high-end residential and luxury hotels, including The Lanzerac Hotel Stellenbosch, Blue Mountain Lodge in South Africa, and The Highlander Boutique Hotel in Dullstroom.

Alongside business partner Dave Andrews, they created the cushions focusing on original throw pillow designs using ’unique’ objets d’art created entirely by Valma.

The company’s website lists the business as being based at The Mallards, Fairways Drive, Mount Murray.

Valma said: ’The move to the Isle of Man has been a wonderful decision from both a personal and professional perspective.

’We wanted to fill a gap in the luxury market for unusual and unique cushion designs.

’For many years I searched for original scatter cushions to make a statement for homes and hotels but was rarely able to find what I wanted - in fact, I regularly had to have scatter cushions made to my own specification for this purpose.

’Ultimately, I thought why not design my own? And the rest is history.’

Describing them as ’jewellery for cushions’, the House of Muir Mont manufactures and markets their bold designs before selling them online.

Valma says her creative flair for interior design and use of luxurious materials makes the cushions the perfect accessory for any high-end home.

’They are undoubtedly unique accessories,’ claimed Valma, ’and there is a growing segment of luxury consumers; the discerning individual who likes to complete their living space with throw cushions that make a bold statement with their bespoke quality and designs. It’s important to put something back into the island which has welcomed us too and we use the Manx Workshop for the Disabled to laser cut some of the designs, all of which create indirect employment.’