L-R: Andy Walker, Sue Barnard, Shaun Singh, Mark Gibbons
Clitheroe-based door hardware manufacturer Loxta Hardware has secured a £50,000 investment plans from Business Finance Solutions (BFS) to fund major expansion.
The investment, facilitated by NPIF - BFS & MSIF Microfinance - a product fund managed by BFS in partnership with MSIF - is part of the Northern Powerhouse Investment Fund (NPIF) which recently announced its 100th deal.
Loxta was established in 2012 by founder and director Shaun Singh, who designed his own range of door hardware products after extensive experience in the sector.
In response to increasing demand from its trade customers, which include interior designers, architects and ironmongers, Loxta will use the NPIF funding to design and manufacture high quality architectural ironmongery and door hardware across its product ranges.
The company will also purchase additional stock and launch new products to spearhead its entrance into the export market for the first time in 2018, focusing on European and Middle Eastern markets.
Shaun Singh said: “We created Loxta to bring a new era of exceptional engineering to the interior hardware industry and BFS were immediately able to see the national and global potential of our products. We have immediately invested the funds in the development of a full range of new door fittings solution and as a result we are able to really develop both our trade client base and our export strategy.”
Mark Gibbons, senior loan manager at BFS, said: “Shaun and his team have created a great British company that is proudly designing, manufacturing and distributing all of their own products.
“They came to uus with a strong plan for growth, anchored to an ambitious brand extension, which we were very happy to support with funding from NPIF and, as a result, Loxta is already well on the way to establishing a new standard of product and engineering within this market.”
Sue Barnard, senior manager at British Business Bank, said: “We are committed to supporting companies across the North of England and it is great to see our fund managers continuing to back businesses like Loxta that will drive the future of Lancashire’s local economy.”