A bespoke joinery installation firm has announced it will go after more and bigger contracts with the help of a £50,000 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, managing the various elements of each project from initial contact to completion as required.
The Rosebirch management team 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 the specialist staff required to help it expand.
The Rowlands Gill-based business already helps a number of well-known retailers create their distinctive High Street store interiors, including Costa Coffee, Boost Juice, Mangobean Coffee and Shake Lab.
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 says: “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.
“The fact that the Small Loan Fund is based in the North East was very important to us, as was the ability to deal face-to-face with the NEL team and build a strong professional relationship.
“We were able to put our ideas forward to the investment for discussion and work together for how best these plans could be supported by the capital they had available.”
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 £10,000 and £50,000 to businesses in Tyne & 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.
Mike Guellard, investment executive at NEL Fund Managers, added: “Rosebirch has built up a strong reputation within its key sectors and presented a clear vision of how our investment could impact on the future development of the business.”
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 £500,000 to established businesses looking to realise their growth potential.