Stoke-On-Trent business Wade Ceramics, has secured a £400,000 investment to help safeguard its current employees and allow the company to enter new partnerships and grow its product range.
The company secured the finance from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund, and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Based in the heart of Britain’s ceramic industry, often referred to as the potteries, Wade Ceramics has been producing practical and ornamental homeware items for over 200 years.
The beloved company brings to life iconic brands such as Cadbury, Boots and the Mr Men and Little Miss range by creating collectables which are sought after across the world. Most recently, the company’s quirky iconic Gluggle Jug product was featured on celebrity Gok Wan’s “Isolation Nation” Instagram feed.
Paul Farmer OBE, Managing Director of Wade Ceramics, said: “The year 2020 was a complete mixed bag for Wade, with certain markets struggling with the impact of the worldwide pandemic, offset by other markets showing rapid growth. The Gluggle Jugs we both manufacture and sell are growing exponentially and we need to increase production and staff. This loan will help in this area as well as helping to re-build our other markets as we move forward into pre-pandemic levels of demand.”
Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, added: “Paul and his team are highly experienced and passionate about staying at the top of their game. Wade’s Ceramics are all carefully crafted and their latest designs keep up with current trends which appeal to new customers. And who can forget the classic Natwest piggy banks which made the promotion that ran through the 80’s and 90’s the most successful UK banking promotion ever. It was a pleasure to be able to source the MEIF funding for Paul so that the business can continue to grow and create beautiful keepsakes.”
Ryan Cartwright, Senior Manager UKN at the British Business Bank: “Accelerating the growth of SMEs, like Wade Ceramics, is a key objective for the MEIF. This latest deal will allow Wade Ceramics to secure new partnerships and product offerings. We would encourage other business looking to grow in the Stoke and Staffordshire area to consider MEIF funding.”
The Midlands Engine Investment Fund project 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 and the European Investment Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Band on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.