Partner Article

£300,000 cash injection for North East importer

A North East importer is expanding its operations after securing new backing from the Finance for Business North East Growth Fund.

Manissa sources a vast range of raw materials, finished goods and components from a network of overseas manufacturers. The £300,000 investment the firm has received from NEL Fund Managers, who manage the growth fund, will allow the company to further enhance its inventory, systems and process efficiencies.

Following this investment, the company now hopes to further expand its workforce as it looks to secure new contracts and incremental business from existing clients.

Managing director Martin savage believes the capital investment will open up many more opportunities for the company.

He commented: “The services we provide cover the whole process of securing the components they need, from building an understanding of their requirements in the first instance and finding suppliers who can provide the right quality of product at the right price, through ensuring the supply chain runs as smoothly as possible in advance of the order arriving on their doorstep.

“We’ve developed a solid, successful business over the last six years, but have always known that we would be able to achieve even more with additional resources in place, and this capital injection sets up to increase both the size and quality of our customer base over the next few years.”

The firms customer base already includes a number of high profile businesses, including Rettig Myson, the Quinn Group and Vogue UK, who all chose to work with Manissa due to the company’s ability to fit customers precise needs.

Simon Johnson, senior investment executive at NEL Fund Managers added: “Manissa has succeeded by developing an intimate knowledge of both its suppliers’ capabilities and its customers requirements, and now has every opportunity to grow in the future by utilising these twin areas of expertise even further.”

The Finance for Business North East Fund will inject £125 million of capital into the region from the European Regional Development Fund over the next five years.

This was posted in Bdaily's Members' News section by Ruth Mitchell .