North East Small Loan Fund invests £50k in commercial fit out company
A local commercial fit out firm is aiming to secure more contracts with a £50k investment from the new North East Small Loan Fund Supported By The European Regional Development Fund.
Rosebirch Fit Out Solutions works both across the UK and in continental Europe on the installation of specialist bespoke joinery in retail and commercial environments.
The Rosebirch management team has worked with regional fund management firm NEL Fund Managers to secure the Small Loan Fund investment, which will give it the financial flexibility to go after bigger contracts and bring in staff required to help it expand.
The Rowlands Gill-based business already helps various retailers create their distinctive high street store interiors, including Costa Coffee, Boost Juice and Mangobean Coffee.
It also has a particular specialism in the cinema industry, working with the likes of Vue, Cineworld and independent chain The Light.
Rosebirch’s 20-strong core team is supplemented by a range of trusted sub-contractors and specialists according to the requirements of each project, and it is expecting to create a small number of new jobs as it rolls out its growth plans.
Managing director, Stephen Flynn, said: “We’ve built up a lot of practical experience and knowledge over the last five years, as well as a great client portfolio, and feel there’s more potential for growth within the business, both within the UK and in Europe.
“The nature of construction industry contracts means that we need to give ourselves greater financial headroom in order to take on bigger projects, and this investment will ensure we have the cashflow available to go after more and bigger opportunities.”
Part of the £120m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of between £10k and £50k to businesses in Tyne and Wear, Durham and Northumberland.
It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
The overarching North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
NEL is also responsible for investing the £18m North East Growth Capital Fund, which offers unsecured investments of up to £500k to established businesses looking to realise their growth potential.