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Online store set to rack up sales in Europe with help of NPIF investment

NPIF – Mercia Debt Finance, managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund has invested £250,000 to help storage supplier Total Racking Solutions to launch websites in additional languages to increase its international presence.

Founded in 2016, the Leeds City Region – based company is now a leading supplier of shelving and racking within the UK, with clients ranging from warehouses and logistics firms to retailers and householders. It boasts a number of blue chip clients, including Costa Coffee, the NHS, Warner Bros and Ocado.

The company employs a team of 15 at its base in Normanton and operates websites in French and Italian with clients across Europe. Total Racking has a turnover of £3m and is on target to turn over more than £8m by the end of 2019.

The company intends to use the NPIF investment to launch websites in additional European languages to bolster its international export opportunities. The funding will also create six new jobs.

Keith Singer, founder of Total Racking, said: “Following the rapid growth of our business throughout Europe, we needed a quick funding solution and approached the Northern Powerhouse Investment Fund. The Mercia team really understood our needs and responded very quickly – the whole process took just weeks from start to finish. The funds will help us to expand into other European countries and meet the growing demand.”

David Wright, Investment Manager with Mercia, said: “Total Racking Solutions has built its success on quality products and speed of service. The company has sophisticated systems in place to fulfil orders and achieves high customer ratings with few returns. We were delighted to be able to react quickly to Keith’s request and help support its move into new territories within Europe.”

Mark Wilcockson, Senior Manager at British Business Bank, said: “We are pleased that NPIF has continued to support high-growth businesses in the Leeds City Region, providing vital funding to enable companies to create new jobs and expand into new markets. This investment demonstrates how this funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”

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.

Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363).  EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).

Editors Notes