Pictured: Haydn Jones, Band Hatton, Stephen Taylor and Marianne Taylor, Funktion Retail, Raj Somal, Band Hatton, Mark Wiles, Funktion retails and model Jodie Taylor

A trio of business people are dressed for success and determined to ensure their new venture measures up after opening a new formal wear shop in the Midlands.

Husband and wife Stephen and Marianne Taylor have teamed up with business partner Mark Wiles to fly in the face of the current harsh economic climate and open Funktion Retail, in Smithford Way, Coventry.

The opening of the store, which specialises in formal dresses as well as gentlemen's and casual clothing, comes as a welcome boost after recent figures revealed one in 10 shops in the city was lying empty.

It is the first business the trio have owned and they took the step of opening the shop after seeking expert advice from Coventry's Station Square-based law firm Band Hatton.

The idea came to be after Stephen and Marianne struggled to find a suitable dress for their daughter Jodie ahead of her school prom.

Stephen Taylor said: "Of course we thought long and hard about starting up our own business in what is a tough economic climate.

"We weighed up all our options, but when is the right time to open up a business?

"If you open during the peak times you pay the top price for everything, but at times like these you have increased bargaining power and the opportunity to get better deals."

It may be the trio's first step into business ownership, but with 22 years of retail experience behind Mark the trio are confident of a bright future and have big ambitions.

"Our ambitions are to make this shop successful for Coventry and we hope to eventually open three or four more branches across the Midlands.

"We want to offer a different kind of experience here, with customers able to hire out the store exclusively for private shopping experiences, and offer high quality goods at reasonable prices.

"Band Hatton offered great support and gave us the advice we needed when we looked into the process of starting up our own business.

"They talked us through everything from dealing with the council to ensuring the lease was appropriate for us to enter into and they have always been there whenever we have needed them."

Haydn Jones from Band Hatton, said they were pleased to support a fledgling business buck the trend and establish a retail presence despite the adverse economic conditions.

"We are delighted to have been involved with this process and that we have been able to help Funktion Retail make the transition from dream to reality," he said.

"Stephen, Marianne and Mark are not only three extremely passionate individuals, they are very driven and business focused, which gives them the best possible platform to achieve success.

"They are proof that, with the right advice and guidance, it is possible to establish a business presence despite the tough times and they can act as an inspiration to any other would-be business owners."