2 February 2016 14:00
Bideford funiture manufacturer named as 40th business to capitalise on UBI funding
SR Furniture are celebrating the news that they have been named as the 40th business in the Heart of the South West to be allocated a grant from the UBI (Unlocking Business Investment) Fund.
SR Furniture is a family owned furniture manufacturing company, based in Bideford. Over the last six years the company has seen strong growth as demand for their products has increased. Investment in new machinery and staff will enable SR Furniture to fulfil their current orders and grow customers in new markets.
Steve Payne, SR Furniture Managing Director said:
“Five years ago when Janet and I returned to North Devon, we never dreamed it would become the success it is today. We have benefited from a second tranche of RGF (Regional Growth Fund) funding and would not have been able to increase our output capacity, without this grant. We are able to offer 11 new and skilled jobs over the next three years and continue to keep all our skills in-house.
"Investing in the latest CNC (Biessie Rover A Edge) machine and upgraded IT systems, means we increase our turnover by over 500%, take on higher volume jobs, whilst still maintaining the high quality furniture our customers have come to expect.”
Mark Ansell, North Devon+ Director and Chair of the UBI Steering Group, said:
“SR Furniture is a classic example of the type of business that the UBI funding is designed to help. I urge other businesses in Devon and Somerset who are considering whether to invest and create more jobs, like SR Furniture are doing, to check out whether UBI funding can help them. There is a limited timescale for this grant scheme so it is best to act now!”
The scheme provides grants of between £25,000 and £499,000 to businesses with firm plans of expansion and need the finance to make it happen.
Businesses have used matched funds to purchase new machinery and specialist equipment for new product development, relocating premises to allow business expansion, extending existing premises to improve production efficiency, training and event requirements and improving and upgrading production lines.
If you need funding for a new venture, visit www.northdevonplus.com/latest-funding. Allow 2-3 months for the application process, we can guide and support you through this. Projects need to be delivered and monies spent before March 2017.
North Devon+ is awarding funding under the Unlocking Business Investment programme in partnership with Plymouth University’s GAIN Team, North Devon Council and Torridge District Councils. Supported by the Heart of the South West Local Enterprise Partnership and funded through the Regional Growth Fund, the scheme is designed to stimulate private sector investment to create economic growth and sustainable jobs.
For further information on UBI funding email: firstname.lastname@example.org or call 01237 426426