The journey to scaling a business is rarely straightforward. For female entrepreneurs and leaders, the road can be even steeper. Despite making significant contributions to the UK economy, women lead just 15% of small and medium-sized enterprises (SMEs) with employees, according to the government’s 2023 Small Business Survey. Yet, female-led businesses continue to receive a disproportionately small share of investment and debt funding – just 2% of VC capital.
Even so, female founders continue to drive innovation, growth, and change. At OakNorth, we’ve had the privilege of working with some of the UK’s most dynamic female-founded and led businesses, all of whom have navigated the complexities of scaling while securing the funding needed to grow.
Women like Nisha Katona (MowgliStreet Food), Ella Mills (Deliciously Ella), Tracey Storey (Melrose Education), and Sophie Lawler (Total Fitness)are leading thriving businesses in highly competitive industries. Their journeys reflect the resilience, vision, and ambition that define entrepreneurship today.
But scaling takes more than funding -it requires the right balance of systems and support. From fast, flexible lending to seamless business banking, founders need partners who understand their ambitions and provide the tools to empower them.
So, what does it take to scale successfully in today’s climate? The journeys of these founders offer powerful lessons on funding, resilience, and sustainable growth.
Overcoming funding barriers without compromising vision
One of the most persistent challenges for female founders is access to capital. Whether it’s securing venture investment or debt funding, women-led businesses continue to be underfunded. However, as OakNorth’s experience shows, when the right funding meets the right ambition, the results are transformational.
Nisha Katona, founder and CEO of Mowgli Street Food, is a prime example. After spending two decades as a child protection barrister, she took the leap into the food industry, determined to bring authentic Indian home cooking to UK high streets. Fast forward to today, and Mowgli is a national brand with over 27 sites.
Her biggest lesson? Surround yourself with mentors and investors who have experienced both success and failure and understand your vision-not just your financial projections.
Similarly, Deliciously Ella has grown into one of the UK’s most recognised plant-based brands, with multiple best-selling cookbooks, a digital platform, and food products stocked in over 10,000 stores across the UK and Europe. Since launching in 2012 as a blog, the company has sold over 100 million products.
In 2021, OakNorth provided a loan that enabled Ella and Matthew Mills to buy out their investors, regaining full family ownership. This allowed them to prioritise long-term brand growth, strengthening the business for its next stage of expansion.
That independence set the stage for a major milestone: in September 2024, Deliciously Ella was acquired by Swiss food group Hero, a move that will allow the brand to scale globally while maintaining its commitment to natural, plant-based foods. With Ella and Matthew Mills remaining at the helm, the acquisition marks a new chapter -one that will take Deliciously Ella from a household name in the UK to an internationally recognised brand.
Their journey reinforces a key lesson for entrepreneurs -funding isn’t just about raising capital; it’s about choosing the right partners to support sustainable growth.
Balancing growth with resilience
Scaling is often associated with rapid expansion, but sustainable growth is about more than just revenue numbers -it’s about building a business that can weather challenges.
Sophie Lawler, CEO of Total Fitness, understands this better than most, takingover the business at a pivotal momentin 2018. Then came zero revenue for 11 months and a complete disruption to the fitness industry.
While private equity backing provided the necessary financial support to weather the challenges posed by the pandemic, communication was key to employee engagement. Keeping all employees informed and involved in the company’s strategy was crucial to its growth. As a result, Total Fitness has since expanded to 15 locations across the North of England and Wales, including two newly opened female-only gyms.
Similarly, Tracey Storey, Executive Chair & CEO of Melrose Education, has scaled her business while staying focused on its core mission -expanding access to high-quality Special Educational Needs (SEN) schools.
With the support of OakNorth, Tracey has led the acquisition of specialist schools designed to serve children with autism, ADHD, and complex learning needs. With demand for SEN education growing -over 1.5 million pupils in England now have special educational needs -Tracey’s work has been instrumental in expanding access to tailored, high-quality learning environments.
Her approach to scaling? A strategic mix of targeted acquisitions, operational expertise, and a deep commitment to maintaining educational standards.
Lesson: Businesses that scale with resilience and purpose stand the test of time.
The value of networks and mentors
While funding is crucial, networks and mentorship play an equally important role in an entrepreneur’s success. That’s why OakNorth partners with impactful programmes and communities that foster collaboration, valuable connections, and knowledge-sharing across the UK’s entrepreneurial ecosystem.
Through initiatives like Launch Lab, an incubator programme supporting female-led startups and scale-ups, we help foundersaccess the expertiseand connectionsneeded to navigate growth challenges. OakNorth business banking customers gain access to a range of exclusive events, networking opportunities, and industry insights -building relationships that fuel long-term success.
Lesson: Capital alone isn’t enough -access to networks, expertise, and mentorship can accelerate success.
Looking ahead
The momentum behind female entrepreneurship is increasing, and businesses like Mowgli Street Food, Deliciously Ella, Melrose Education, and Total Fitness are proof that female founders are building and growing successful businesses. Yet, barriers to funding and support persist, creating unnecessary hurdles for too many women in their growth journeys.
This time of year is a powerful reminder to reflect on progress and take meaningful action. At OakNorth, we’re proud to support ambitious female entrepreneurs as they scale, drive innovation, and shape industries for the better.
Scaling a business requires the right funding, financial tools, and network of support. Learn how OakNorth’s business banking and lending solutions are helping ambitious businesses scale -visit oaknorth.co.uk.
