Derbyshire firm supported to grow

A Derbyshire-based jewellery label manufacturer, which supplies major jewellery buying groups worldwide, has secured funding for new machinery. This was made possible thanks to the Growth Accelerator Programme and support from Chesterfield-based asset finance broker, Balanced Funding Solutions.

The firm now has a bespoke labelling converter which has contributed to an increase in efficiency, with production times cut by 60%.  Finance has also enabled the company to employ an additional member of staff.

Caren Colabella of Magpie said “We are a family business with 5 employees.  We have recently moved to larger premises and plan to increase both UK and export sales and achieve the number one position with 60% market share by 2017.

“One of the biggest obstacles we faced was keeping up with production deadlines due to machinery down time, break downs and inefficiencies and we desperately needed additional bespoke machinery to cope with increased orders and demand.”

Commenting on the process John Pemberton of Balanced Funding Solutionssaid “ This is the type of problem that we encounter on a regular basis where small companies are not receiving the backing of their own bank and then do not know where to turn to help grow their business.

“We have secured a panel of lenders that have an appetite to lend to the SME market and are looking to fill this void with £12.7 billion of funds released to small businesses in 2013.

The list assets that we can fund is extensive and so if any local business is struggling then please get make contact with us and we will see what options are available”

Details of the Growth Accelerator Programme can be found online here.

Source:Balanced Funding Solutions