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12 April 2012

YFM Equity Partners backs British furniture manufacturer

Press Release 12th April 2012

Transforming small businesses

The North West Fund for Development Capital, managed byYFM Equity Partners, has invested £950,000 in bespoke British furniture manufacturer Zutux Limited.  Sir Eric Peacock, chairman of Halo International, the fine furniture group, will join the Zutux board as non-executive chairman.

Zutux was set-up by managing director Roger Butterworth and director Kevin Charles in January 2010. The firm, which has its headquarters and manufacturing operations in Trafford Park, Manchester, employs 45 staff. Zutux makes high quality bespoke fitted kitchen and bedroom furniture as well as free standing furniture items, including book shelves, desks and multi-media storage units.

Joseph Bergin, head of the North West team at YFM Equity Partners, and investment manager Paul Gower worked on the deal. The North West Fund for Development Capital, which is managed by YFM Equity Partners, is a sub-fund of the £185m North West Fund that is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB).

Roger Butterworth, managing director of Zutux, commented: "This investment will enable us to grow our range of products for our business and online customers who value well made competitively priced British furniture. We look forward to working with Paul and Joseph as we expand our business."

Joseph Bergin said: "YFM Equity Partners has a strong track record of helping British manufacturers grow their businesses and increase jobs, even in challenging economic times. We are excited to work with Zutux as they are showing that the UK can make high quality products that can compete with the finest imported furniture and they are able to satisfy the requirements of UK retailers to compress the timing from order placement to delivery."

Andy Leach, CEO of North West Business Finance, said: "It is great to see a British manufacturer looking to expand its offering and capitalise on international growth opportunities through its online presence. I'm certain that the experience and networks of YFM Equity Partners will prove invaluable in helping Zutux achieve its ambitious goals. I look forward to seeing their relationship and the business develop."

YFM Equity Partners, through The North West Fund for Development Capital, invests between £100k and £2m in businesses across all stages of development. The investment in Zutux is the fourth investment made by the team.

YFM Equity Partners was advised on financial due diligence by Mark Bringloe from Cowgill Holloway and on legal matters by Andrew O'Mahony at Brabners Chaffe Street LLP. Zutux management was advised by James Sheridan at law firm Turner Parkinson.

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