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13 December 2012

The North West Fund for Business Loans fuels turnover boost at Premier Point of Sale

Press Release 13th December 2012

Stockport-based manufacturer Premier Point of Sale is on target to boost turnover by 36% after receiving funding from The North West Fund for Business Loans, managed by FW Capital.

Premier, which makes marketing equipment, received a £125,000 loan in August 2011, which was used to increase stock levels and deal with a huge increase in demand from its customers. A second loan of £125,000 was issued in March 2012 to help the business broaden its range of products and enter new markets.

The company reported turnover of £1.1million in 2010/11, but is forecasting a   36% rise in sales to £1.5 million in 2012. Premier also plans to recruit three additional staff to join its dedicated team to focus on customer service and driving up sales.

Managing director Simon Matthews established the business in 1997. It supplies display equipment to distributors who then sell primarily into the retail and leisure sectors. This includes A-boards, snap frames, leaflet dispensers, fittings and other display accessories.

Matthews said: "With our order book growing, we needed additional capital to fulfil the demand. The loans we have received from The North West Fund for Business Loans have enabled us to purchase more stock and achieve greater economies of scale. It has also allowed us to keep our prices competitive."

Gary Guest of FW Capital, fund manager of The North West Fund for Business Loans, said: "We're pleased to be able to support Premier POS with two loans. This injection of working capital is key to the firm's future, letting them widen their product range and supply a rapidly expanding customer base."

Hazel Grove MP Mark Hunter said: "I was delighted to hear about the progress this locally-based business is making. Small and medium businesses will help us out of these difficult economic times and so it is pleasing to see that this additional cash boost from the North West Fund has had such an impact on Premier Point of Sale."

The North West Fund for Business Loans is provided jointly by the European Investment Bank and European Regional Development Fund.

 

 


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