13th July 2023
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Preston-based Pacific European Timber Agency Ltd (PETAL) has relocated to new premises and created two new jobs thanks to investment from NPIF – FW Capital Debt Finance.
PETAL has moved into to new offices on Ribbleton Lane in Preston, following a period of strong growth and has created two new roles in office administration and finance. It was formed in 1986 as a global timber trading business sourcing hardwoods from Far East countries such as Indonesia and Malaysia which are then sold to UK Timber merchants and Importers. PETAL is also a leading trader in North & South American, Canadian, European, and African hardwoods and softwoods.
Ian Thomson, Managing Director at PETAL said: “I’m excited for the next stage of growth for PETAL as we focus on increasing profits and enhancing our reputation for delivering high quality timber products. Steve at FW Capital was fantastic and made the whole funding process very smooth. Without the investment we wouldn’t have been able to move to new premises and create new jobs.”
The investment was provided by Steve Molyneux, Investment Executive at FW Capital.
Steve Molyneux, FW Capital Investment Executive added: “We were impressed with Ian’s extensive experience having worked in the timber trade for over 25 years. He has used this to forge an excellent reputation for PETAL. This is a great example of how our funding can drive growth with the relocation to new premises and creating new jobs.”
Debbie Francis OBE, Chair of the Lancashire Enterprise Partnership, said: “Earlier this year the LEP launched its new internationalisation strategy, a plan which highlights how we as a county have the potential to boost economic growth through increased international commerce. PETAL is a great example of such activity, and demonstrates how a Lancashire-based firm can build a thriving business by trading globally. It’s therefore great that NPIF’s support is helping them to expand, and create new jobs.”
Keira Shepperson, at the British Business Bank, said: “PETAL’s relocation to its new premises and job creation exemplifies the ambition embedded in Lancashire’s business landscape. The company’s expansion not only bolsters the timber industry of the UK but also reinforces Lancashire’s position as a hub for innovation and economic development.”
NPIF – FW Capital Debt Finance is managed by FW Capital and part of the Northern Powerhouse Investment Fund. It can provide loans in the NPIF region with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside and the Tees Valley.
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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