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A stairlift manufacturer, specializing in producing bespoke designs for curved or complicated staircases, is aiming for significant growth after securing £ 100,000 funding from Finance For Enterprise and the Northern Powerhouse Investment Fund (NPIF).
Bespoke Stairlifts will use the loan funding to create four executive positions in the business, as well as to allow the Huddersfield-based company to invest in a new assembly line to meet demand for its unique product line. .
Over the past two years the company has experienced significant growth, with sales increasing from £ 2.6million to £ 5.6million. However, with 70% of its orders obtained from foreign customers, with a significant proportion based in Europe and South America, the company has recognized the need to adapt its business model to overcome the challenges posed by successive international blockages, as well as changes in import and export regulations following Brexit.
Approaching Finance For Enterprise to provide additional funds to help the business implement new measures to help it operate more efficiently, as well as alleviate cash pressures from delays in the supply chain company, the company worked with experienced investment manager Jeremy Meadowcroft to secure the loan which is jointly funded by Finance For Enterprise and NPIF – BEF & FFE Microfinance, managed by FFE & BEF and part of the Northern Powerhouse Investment Fund.
With the funding in place, Bespoke Stairlifts was able to increase the capacity of their plant, as well as save ten manufacturing jobs among their 60 employees, as they hope to tap a market that is expected to grow by 5% each year. , driven by an aging population and a desire for older people to continue living at home.
Gavin Finn, Managing Director of Bespoke Stairlifts, said: “In recent years we have experienced significant growth in a number of international markets. However, successive blockages in countries around the world have significantly affected our business and put significant pressure on our cash flow, due to delays in our supply chain.
“We have recognized that it is vital for our business to take steps to adapt to changing market conditions, allowing us to take advantage of the growing demand for our products, while restructuring our operations to help us operate. more efficiently.
“We knew additional funding would be needed, and after spending time researching our options, we turned to Finance For Enterprise for advice. The support we have received from Jeremy has been tremendous. He kept us informed throughout the loan application process, and I was amazed at the speed and simplicity of the application process, which allowed us to act quickly. With the funds we have secured, we are on track to enjoy one of our best trading years to date, while helping us lay the groundwork for future growth.
Jeremy Meadowcroft, Chief Investment Officer, Finance For Enterprise, said: “Like many companies working in the manufacturing sector, Bespoke Stairlifts has had a difficult 2020. Due to the impact of the coronavirus pandemic as well as the lingering uncertainty surrounding potential future lockdowns, they have had to re-evaluate how the business operates.
“As some orders were put on hold through no fault of their own, they started to reassess their business and how it works. The funds provided not only helped them navigate their way successfully through the challenges of Brexit and Covid-19, but also to ensure that they had the necessary measures in place to take full advantage of the challenges posed by Brexit and Covid-19. ‘a growing international market. “
Melanie Ellyard, British Business Bank, said: “Since its launch in 2017, the impact of NPIF on businesses has been vast, providing funding to launch new products, hire new employees, enter new markets and acquire new new installations. We are delighted to support Bespoke Stairlifts as it takes it to the next level.