The Northern Powerhouse Investment Fund II (NPIF II) has set a new milestone by making its first investment in Lancashire. Littlefair’s Wood Finishing Products, a Blackburn-based company, has received £75,000 from the fund. This move aims to help the company expand and meet increasing demand.
However, this funding is not just a financial boost. It’s a significant step towards supporting local businesses in the North of England. The initiative demonstrates how targeted investment can drive growth and sustainability in the region.
First Investment in Lancashire
The Northern Powerhouse Investment Fund II (NPIF II) has made its first investment in Lancashire. This marks a significant milestone since the fund’s launch in March 2024. Littlefair’s Wood Finishing Products, based in Blackburn, has secured £75,000 in funding.
The funding is provided by NPIF II – GC Business Finance and River Capital Smaller Loans. These organisations are instrumental in supporting businesses across the North of England. The fund itself aims to help businesses start up, scale up, and grow.
Supporting Business Growth
Littlefair’s Wood Finishing Products intends to use the funding to expand its team. They plan to hire three new staff within the next 12 months. This move aims to meet the growing demand for their products in the UK and overseas.
The company will also use the investment to purchase additional raw materials. This will help increase their production capacity. All their products are hand-manufactured in Blackburn using British-sourced materials.
Environmental Focus and Success
Founded in 2016, Littlefair’s offers water-based wood stains. These are designed to be a more environmentally-friendly alternative to solvent-based stains.
The company has gained recognition for its eco-friendly products. In 2023, they won the ‘Eco-Friendly Wood Finishing Brand of the Year’ award from the IE100 Awards.
Their expansion into the US market has been successful. Their products often sell out on their Amazon US storefront.
Endorsement from Key Figures
Rob Littlefair, the director at Littlefair’s, expressed his gratitude for the funding. He highlighted the importance of producing high-quality, sustainable products in Britain.
He praised Boost Lancashire for referring them to the NPIF II. Boost Lancashire also guided them through the application process.
Andy Nichols, investment manager at GC Business Finance, also commented on the investment. He noted the company’s strong commitment to sustainability and quality.
Role of the Northern Powerhouse Investment Fund
The Northern Powerhouse Investment Fund plays a crucial role in business development. NPIF II offers smaller loans ranging from £25,000 to £100,000.
The aim is to help businesses across the North of England grow and succeed.
Simon Cunnington, director at British Business Bank, emphasised the importance of accessing finance for small businesses. He stated that NPIF II’s investment shows that sustainable growth is achievable with the right support.
Future Prospects for Littlefair’s
With the new funding, Littlefair’s is set to reach new heights. They plan to build on their current success and continue their growth journey.
The investment will enable them to enhance their production capabilities and expand their market reach.
Overall, the future looks promising for Littlefair’s Wood Finishing Products. They are well-equipped to meet increasing demand and explore new market opportunities.
Conclusion
In conclusion, the first investment by NPIF II in Lancashire is a significant development. It highlights the fund’s commitment to supporting regional businesses like Littlefair’s.
The funding will help Littlefair’s expand its team, increase production, and meet growing demand. The company’s focus on sustainability and quality sets a strong example for others in the industry.
In conclusion, the first investment by NPIF II in Lancashire is a significant development. It highlights the fund’s commitment to supporting regional businesses like Littlefair’s. The funding will help Littlefair’s expand its team, increase production, and meet growing demand. The company’s focus on sustainability and quality sets a strong example for others in the industry.