The owner of a Norfolk based manufacturing company has secured a £50,000 Regional Growth Loan to support its expansion.
Demax has a long history of producing staircases that dates back to the 1970s. It now provides a full service – design, manufacture, sale and installation – for high quality, bespoke staircases. Offering its products to both the residential and commercial sectors, Demax’s clients range from Nandos, Mercedes Benz and Barratt Homes, to Arab Princes.
Ros Knights had been employed at Demax since 2011, working her way up to General Manager. Last year she made the company her own via a management buy-out and this brought an opportunity to revitalise some elements of the business; improving the financial position and laying foundations for further growth were key, as Ros explains:
“Taking on the business, I was aware there were some weaker elements and some areas of real strength – particularly around our reputation for having a highly skilled workforce capable of creating beautiful products of exceptional quality. I was, and still am, excited by the challenge of fulfilling the potential of the business and we’re delighted to already see a 25% increase in enquiries over last year.”
To further enable the planned expansion, Demax will use the £50,000 from the East of England Regional Growth Loan Scheme (RGLS), which is managed by Finance East, to help fund the move to new, larger premises, along with some refurbishment and investment in machinery. This will ensure workflows are improved, allowing for significant additional capacity throughout the factory, in order to meet increasing demand. The company will also be looking to recruit further staff in sales, fabrication and fitting this year.
Stuart Ager, Senior Fund Manager at Finance East, comments: “With its strong reputation and experienced management team, backed up by a technically skilled workforce, Demax is well-positioned to take advantage of the opportunities it faces in this niche sector. Its customer base is both loyal and growing, and the flexible manufacturing capacity offered within its new premises will support this. We look forward to supporting Ros and the team throughout this expansion.”
The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England, and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.
For more information about the Regional Growth Loan Scheme contact Stuart Ager on 07825 699407 or email firstname.lastname@example.org.