West Yorkshire-based specialist furniture manufacturer Shackletons has received a six-figure NPIF loan backed by CBILS from NPIF – FW Capital Debt Finance which is part of the Northern Powerhouse Investment Fund. The investment is set to help the business deal with the disruptive effects of Covid-19 and to continue with its growth trajectory.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides facilities of up to £5m for smaller businesses that are experiencing lost or deferred revenues, leading to disruptions to their cash flow.
Based in Dewsbury, the furniture manufacturer has been trading for over 60 years and makes bespoke handmade, upholstered seating predominantly for the care home sector and also offers cabinetry and bespoke joinery in its extensive contract range.
Funding will allow the firm to navigate the impact of Covid-19 while increasing the capacity and range of its products and continue its planned expansion.
The deal was facilitated by FW Capital’s Deputy Fund Manager Keith Charlton and Investment Executive Steve Teasdale.
Keith said: “Shackletons is a well-respected brand that has traded for over 60 years. With a great reputation for quality and bespoke expertise and a fantastic growth plan already paying dividends, we are confident this NPIF & CBILS funding will allow Shackletons to flourish and fulfil their potential.”
Sir Anthony Ullmann, Shackletons Chairman and CEO, said: “We are delighted to have secured the backing of FW Capital through the Northern Powerhouse Investment Fund and CBILS.
“Shackletons has a proud heritage of innovation, quality craftsmanship and superb customer service. This funding will allow us to meet our target for growth and to continue delivering our excellent products to our increasing number of customers.”
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