Online retailer JuicEBitz Audio Visual LTD has received a £150,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
JuicEBitz specialises in selling a range of audio-visual home entertainment and mobile device aftermarket accessories. These include an extensive range of cables, adapters and power solutions; many of which are the company’s own in-house design.
The business was formed by managing director Jai Corder in 2012 on a part-time basis. By 2014, Jai had generated sufficient sales to move into the business full time.
JuicEBitz has now sold over one million cables since launch and built up a strong following of loyal customers within the various marketplaces it operates in, as well as online. Currently it employs five staff members at its premises in Hunmanby, Filey.
The company will use the loan to create two new jobs in sales and marketing and to help fund the development of new product ranges, especially including Fibre Optic HDMI and USB-C PD Chargers. It will hold greater volumes of stock to enable sufficient supply to its growing business/trade supply chain, as well as to the end consumer.
The investment was facilitated by FW Capital Investment Executives Sam Streckert and Anne Blanden, following an introduction by Colin Glass of Murray Harcourt Accountants, who advised JuicEBitz on the transaction.
Jai Corder, JuicEBitz Managing Director, said: “This investment will allow us to increase our product range and grow with market demand. We are very grateful to Sam and the team at FW Capital for their support.”
Sam Streckert, Investment Executive at FW Capital, said: “It’s fantastic to see how far this business has come from a start-up in 2012. We are delighted to have funded Jai to allow him to take his business into the next phase of its growth.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719