28th August 2020
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Revenues at Congleton-based refurbishment business, Interefurb Limited, have soared over the last quarter following a £50,000 Northern Powerhouse Investment Fund loan backed by CBILS from specialist social impact lender, GC Business Finance.
The loan was provided by NPIF – BFS & MSIF Microfinance, which is managed by GC Business Finance and MSIF and part of the Northern Powerhouse Investment Fund.
Despite the ongoing economic effects of COVID-19, Interefurb has enjoyed a record quarter, with revenues over the last three months equivalent to sales for the entirety of 2019.
Founded by Gary Crosbie in October 2017, the Cheshire business refurbishes the interiors of hotel, care and leisure properties. Interefurb is a Best Western preferred contractor, and also works for Sofitel, Holiday Inn, Citadines, and Devere properties.
During lockdown, Interefurb has focused on expanding its service lines, enabling it to take advantage of competitors’ inactivity and generate new business. The firm expanded its offering into the domestic sector, bringing hotel-quality furnishings into the residential space, as well as supplying protective equipment, such as Perspex screens, to businesses across the UK.
In addition to its new service lines, the firm has also looked to introduce more flexible payment methods for customers, designed to support businesses and individuals through the current crisis.
Interefurb is continuing to explore new avenues for growth, with plans to invest further in development and marketing, as well as considering strategic and complementary acquisitions to expand its service lines.
Gary Crosbie, Director at Interefurb Limited, said: “As a relatively young business, support from GC Business Finance came at a crucial time. Having been unable to secure funding with our own bank, the NPIF loan has been a lifeline for us and many similar businesses.
“Andy Nichols and the team at GC Business Finance understood the challenges we were facing and made the process of accessing funding straightforward. Over the last few months we have built a strong relationship with GC Business Finance, and looking forward, we have some exciting things in the pipeline. We now have the option to consider making strategic acquisitions in the coming months, and the potential to invest in marketing and development, both of which would not have been possible without support from GC Business Finance.”
Andy Nichols, Senior Loan Manager at GC Business Finance, said: “Interefurb had a proven record of being a well-managed business with no debt and a good first year of trading, which they were on track to exceed in the current year. Like so many other businesses, the COVID-19 pandemic and government shutdown significantly disrupted their operations. By working closely with GC Business Finance, Interefurb could confidently expand their offering, and ensure that they continued to grow throughout this difficult period.”
Sue Barnard, Senior Manager at British Business Bank, said: “We are always pleased to see NPIF working alongside CBILS to support businesses through this difficult time. The loan managers are showing real responsiveness and adaptability, and are working hard to respond to the needs of businesses who may find it difficult to secure funding through their regular providers.”
CBILS provides facilities of up to £5m for smaller businesses who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Delivered by the British Business Bank, through 40+ accredited lenders and partners, CBILS will support the continued provision of finance to UK smaller businesses during the Covid-19 outbreak.
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.
The MSIF group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.
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