Partner:FW Capital
Region:Yorkshire & Humber
Location:Filey
Programme:Northern Powerhouse Investment Fund
Online retailer JuicEBitz Audio Visual Ltd received a follow-up investment of £150,000 from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
The business, based in Filey, North Yorkshire, specialises in selling a range of audio-visual home entertainment and mobile device aftermarket accessories, including cables, adapters and powered solutions, many of which are designed in-house.
Founded by managing director Jai Corder in 2012 on a part-time basis, JuicEBitz has now sold over one million products since its launch and built up a strong following of loyal customers. The £150,000 loan will be used as working capital support to allow large orders to be placed with key suppliers to boost stock volume and meet growing demand.
NPIF – FW Capital funding has secured the jobs of four full-time and one part-time staff members and created one further role at its premises in Hunmanby, Filey. It follows an initial £150,000 NPIF loan in 2019 to support its growth plans.
Jai Corder, JuicEBitz Managing Director, said: “FW Capital and NPIF have been strong supporters of our business and we are delighted with the ongoing service we have received. Our collaboration with FW Capital has allowed us to build an extensive and high-quality product range and we continue to innovate and develop new lines as one of the most trusted suppliers in our market.”
FW Capital Portfolio Executive Dave Hawkins said: “As long-term funding partners, it has been heartening to watch the progress of Jai and the team as they continue to expand the business and build on their excellent reputation. We are delighted to have been able to provide this latest investment to enable them to place larger orders to meet their ever-growing customer demand.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719
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