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03 October 2012

Merseyside business receives £250,000 loan from The North West Fund for Business Loans

Press Release 3rd October 2012

The North West Fund for Business Loans, managed by FW Capital, has now lent over £8.5 million to businesses in the North West. Merseyside-based Warmwear Limited (Warmwear) is one of the latest to benefit from a loan as demand for loans from the Fund increases throughout the North West.

More than 50 loans have so far been made to established businesses in the construction, manufacturing, engineering, wholesale and business services sectors with more in the pipeline.

Since December 2010, The North West Fund has made over 120 investments totalling £30 million. The funding is provided jointly by the European Regional Development Fund and the European Investment Bank.

FW Capital Fund Manager, Gary Guest, said: "The North West Fund for Business Loans is continuing to prove popular with businesses across the North West. Our flexible lending criteria are really attractive because our loans can be used for working capital as well as capital purchases. We've met some interesting businesses and I'm pleased we've been able to come up with loans to support their growth."

Warmwear, which makes thermal clothing for some the UK's leading retailers, has received a £250,000 loan.

Sales growth has been impressive since Managing Director, Fiona Smith set up the Haydock-based textile manufacturer in 2010.

The company continues to win new contracts from major UK retailers to add to a client list that already includes BHS, Dunnes, Next and Shop Direct.

FW Capital's loan will provide Warmwear with the working capital it needs to underpin its expansion and fulfill a growing order book. It can also go ahead with the launch its Cosy Couture brand.

"In just over two years we've built up a strong order book and we're continuing to win new contracts. Our clients are impressed by the quality of our garments as well as our ability to manufacture to their exacting requirements. Thanks to FWCapital we can now capitalise on what we've achieved so far to build a thriving business," explained Fiona Smith, Warmwear's Managing Director.

Commenting on the loan, Senior Investment Executive, Gavin Cowling of FW Capital said: "Warmwear has developed a real niche supplying seamfree thermal clothing. Fiona and her team have some exciting plans to develop the company and we're pleased our loan will play a part in helping them."

The North West Fund for Business Loans makes loans of between £50,000 and £250,000 to businesses in the North West.

FW Capital is working with banks and SMEs on a wide range of funding requirements, such as: stock purchases; capital expenditure to fulfill new orders; purchasing owner-occupied premises as well as helping banks with LTV constraints.

John McGuire, interim chief executive of North West Business Finance, the not-for-profit company set up to deliver The North West Fund, said: "This latest deal illustrates the success of The North West Fund for Business Loans as a valuable source of debt finance for SMEs in the region.

"Our investments, at The North West Fund are creating jobs and growth at a vital time for the region's economy and we remain committed to inspiring the North West's entrepreneurs."

 


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