A Liskeard- based furniture manufacturer is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF). Peadidit, set up in 2018, have successfully secured £25,000 in funding, which will allow the company to increase production capabilities with the purchase of new equipment and will also enable them to scale-up their team, in order to meet the growing demand for their products.
The company has clients across Cornwall and Devon, focusing on made to measure outdoor and indoor furniture, fitted furniture, and free-standing furniture pieces.
Peadidit owner Jonathan Peabody, said: “We strive to build furniture that defines our customers’ style and meets their requirements. As a new and growing business obtaining finance for growth is crucial for us to succeed and achieve our goals. We are thrilled to be able to secure this CIOSIF loan, which has already enabled us to invest in the construction of a spray booth for in-house finishing of products.”
Grant Peggie, Director at the British Business Bank, said, “For any new business without a trading record it can be hard to secure the finance they need to grow. CIOSIF can make a real difference in helping to support small growing businesses across Cornwall to access funding they need which might not be available from traditional sources. The British Business Bank is pleased to be delivering £40m of funding through the Fund and providing finance from £25,000 up to £2m.”
The Peadidit deal was handled by SWIG who are working with The FSE Group to deliver on the small business loans part of the fund. SWIG’s Finance Business Manager Mike Wall said: “We are delighted to add Peadidit to the portfolio of companies supported by the Cornwall and Isles of Scilly Investment Fund. Jonathan is a highly skilled individual who has over 25 years industry experience. We look forward to working with him and his newly recruited team on this new venture and wish them all the success for the future.”
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “This latest deal shows how the investment fund can widen choice and remove barriers to growth. I would urge other growth-minded businesses to consider whether it could be right for them.”
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.
About the Cornwall and Isles of Scilly Investment Fund (CIOSIF)
- The Cornwall and Isles of Scilly Investment Fund, supported by the European Regional Development Fund, is providing debt and equity finance, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Cornwall and Isles of Scilly Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,
- The Cornwall and Isles of Scilly Investment Fund is supported by the European Regional Development Fund, the CIOS Local Enterprise Partnership and HMG grant funding.
- The project is receiving funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding
- The Government has guaranteed all funding allocated through EU programmes until the end of 2020. https://www.gov.uk/government/news/funding-from-eu-programmes-guaranteed-until-the-end-of-2020
- The funds in which Cornwall and Isles of Scilly Investment Fund invests are open to businesses with material operations, or planning to open material operations, in Cornwall and the Isles of Scilly only.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb
About the British Business Bank:
* The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Our remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
* British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
* The British Business Bank is currently supporting more than £5.5bn of finance to over 78,000 smaller businesses (as at end of June 2018).
* As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. It has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). This guide impartially sets out the range finance options available to businesses – from start-ups to SMEs and growing mid-sized companies. Take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb or download/print a copy.
* British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.