Yorkshire based stairlift manufacturer, Bespoke Stairlifts, is targeting significant growth after securing £100,000 in loan funding from Finance For Enterprise and the Northern Powerhouse Investment Fund (NPIF).
Bespoke Stairlifts will use the loan funding to create four senior roles in the business, as well investing in a new assembly line in order to meet demand for its unique product range.
In recent years, the company has enjoyed significant growth with turnover rising from £2.6m to £5.6m during the past two years. However, with 70% of its orders being secured from overseas customers, with a significant proportion based within Europe and South America, the company recognised the need to adapt its business model to overcome the challenges posed by successive international lockdowns, as well as changes to import and export regulations.
Faced with a challenging international trading environment, the company reached out to Finance For Enterprise to provide additional funds to help the business implement new measures to help it operate more effectively, as well as helping to ease cashflow pressures as a result of delays in the company’s supply chain.
Gavin Finn, Managing Director, Bespoke Stairlifts, said: “In recent years, we’ve enjoyed significant growth in a number of international markets. However, successive lockdowns in countries around the world have affected our business considerably and placed significant pressure on our cashflow, as a result of delays in our supply chain.
“We recognised that it was vital for our business to take steps to adapt to the changing marketplace, enabling us to tap into the growing demand for our products, whilst restructuring our operations to help us operate more effectively.
“As a direct result of the funds we secured, we’re on track to enjoy one of our best year’s trading to date, as well as helping us to lay the foundations for future growth.”