Sheffield animation studio announces plans to increase headcount by 400 per cent after £100k loan
A Sheffield animation studio has announced that it is growing its workforce by 400 per cent following a £100k loan.
Red Star 3D, which creates films for cinemas, theme parks and museums, has received the funding from NPIF - Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
The company, which currently employs 10 people, is planning to create an additional 40 jobs in the next two year, with the loan helping to fund its growth and its recruitment plans.
Ben Smith, co-founder, commented: “We’re delighted Mercia have chosen to support our expansion plans.
“While this is a challenging time for many business owners, demand for our animation production services is booming. The funding will allow us to take advantage of the opportunities it brings.”
Pete Sorsby, investment manager with Mercia, said: “Red Star Entertainment is a successful studio with a strong management team and a worldwide reputation for its work. The funding will enable it to take on new projects and create new skilled jobs to expand Sheffield’s growing digital sector.”
Mark Wilcockson at the British Business Bank, added: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities.
“We are pleased that NPIF is supporting this growing Sheffield based digital company and providing vital investment to unlock the North’s growth potential.”
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