Preston-based software developer Blue Wren has secured a £50,000 investment from NPIF – BFS & MSIF Microfinance – a product fund managed by GC Business Finance in partnership with MSIF and Lancashire County Council’s Rosebud Microfinance.
The investment will be used to fund a significant expansion of the company, which builds software and mobile applications that improve business productivity, over the next three years.
Blue Wren MD Michael Lough said: “For many growing businesses it is often the inefficiency of their systems that is holding them back. If used effectively, digital technology can streamline operations and stimulate productivity. It is our goal at Blue Wren to deliver software solutions that do just that, and help our clients fulfill their growth potential.
“We were introduced to GC Business Finance by the Lancashire A2F team and they immediately saw the opportunity. Thanks to this loan we can invest in our team and bring a range of new products to market that will enable us to reach even more organisations and create lasting positive change.”
The company has said that £25,000 of the investment was facilitated by GC Business Finance and £25,000 was delivered by Lancashire’s Rosebud Microfinance.
Investing the £50k funding this year will put Blue Wren, which employs 18 people in its Preston offices, firmly on track to increase turnover to £2m by 2021.
Mark Gibbons, Senior Loan Manager at GCBF, added: “When they came to us for the loan Michael and his team at Blue Wren already had an impressive portfolio of products and clients across the SME market. By helping them to access the finance they need to grow we are investing in a great business that is creating jobs and developing world class solutions to support other small businesses.”
Commenting on the funding, Sue Barnard, Senior Manager at British Business Bank, commented: “NPIF continues to support ambitious businesses with the talent to succeed with the right backing. Blue Wren is testament to this, and we are pleased to be able to provide investment alongside Lancashire’s Rosebud Micro Finance fund which will help to strengthen the company’s infrastructure and ultimately create new jobs for the northern economy.”
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