Bespoke Stairlifts lays the foundations for future growth after securing £100k loan
Yorkshire-based Bespoke Stairlifts is targeting significant growth after securing £100,000 in loan funding to enable it recruit more staff and expand its production efforts.
The stairlift manufacturer, which specialises in producing bespoke designs for curved or complicated staircases, secured the loan funding from Finance For Enterprise and the Northern Powerhouse Investment Fund.
Four senior roles in the business are set to be created and the funding will also enable the Huddersfield-based business to invest in a new assembly line in order to meet demand for its unique product range.
In recent years, Bespoke Stairlifts has enjoyed significant growth with turnover rising from £2.6m to £5.6m during the past two years. However, with 70 per cent of its orders being secured from overseas customers, with a significant proportion based within Europe and South America, the company stated that it recognised the need to adapt its business model to overcome the challenges posed by successive international lockdowns, as well as changes to import and export regulations.
Faced with a challenging international trading environment, the company reached out to Finance For Enterprise to provide additional funds to help the business implement new measures to help it operate more effectively, as well as helping to ease cashflow pressures as a result of delays in the company’s supply chain.
Working with experienced Investment Manager Jeremy Meadowcroft, the loan was jointly funded by Finance For Enterprise, and NPIF – BEF and FFE Microfinance, managed by FFE and BEF and part of the Northern Powerhouse Investment Fund, and secured within just two weeks.
With funding in place, Bespoke Stairlifts has said that it has been able to increase capacity within its factory, as well as safeguarding 10 manufacturing jobs within its 60 strong workforce as they hope to tap into a market that is predicted to grow by five per cent each year, driven by an ageing population and a desire for elderly residents to continue living in their own homes.
Gavin Finn, Managing Director, Bespoke Stairlifts said: “In recent years, we’ve enjoyed significant growth in a number of international markets. However, successive lockdowns in countries around the world have affected our business considerably and placed significant pressure on our cashflow, as a result of delays in our supply chain.
“We recognised that it was vital for our business to take steps to adapt to the changing marketplace, enabling us to tap into the growing demand for our products, whilst restructuring our operations to help us operate more effectively.
“We knew some additional funding would be required, and after spending time researching our options, we reached out to Finance For Enterprise for advice. The support we received from Jeremy was terrific.
“He kept us updated throughout the loan application process, and I was amazed by just how quick and straightforward the application process was, which enabled us to act swiftly. As a direct result of the funds we secured, we’re on track to enjoy one of our best year’s trading to date, as well as helping us to lay the foundations for future growth.”
Jeremy Meadowcroft, Investment Manager, Finance For Enterprise added: “Like many businesses working in the manufacturing sector, Bespoke Stairlifts have experienced a challenging 2020.
“Delays in being able to source raw materials, as well as being forced to place international projects on hold, due to the impact of the coronavirus pandemic as well as continued uncertainty surrounding potential future lockdowns, meant they needed to reassess how the business operated.
“With some orders being placed on hold through no fault of their own, they began to re-assess their business and how it operated. The funds provided have not only helped them to successfully navigate their way through the challenges posed by Brexit and COVID-19, but also to ensure they had put the steps in place to take full advantage of a growing international marketplace.”
Bespoke Stairlifts was founded in 2004 by Gavin Finn and David Burns, who spotted a gap in the stair lift market to provide cost effective solutions to manufacture stairlifts suitable for curved or complicated staircases.
The manufactuer has been busy expanding its team of employees over the past few months, and it most recently announced the appointment of Damian Clancy, who joined the business in early June assuming responsibility for customer service and after sales care.
Other recruits to join the stairlift specialist this year include Witold Wawszczak, who joined the quality assurance side of the business, Jason Mayor, Head of Sales, Jen Hewitt, Head of Finance, and Peter Osuch, Supply Chain Manager.
