The Northern Powerhouse Investment Fund II (NPIF II) has completed its first investment in Lancashire since its launch in March this year, with support from Boost; Lancashire’s Business Growth Hub.
Blackburn-based Littlefair’s Wood Finishing Products was founded in 2016 to provide a water-based alternative to typically solvent-based wood stains. Its products are sold online through retailers including Amazon.
The company has raised £75,000 from the Northern Powerhouse Investment Fund II’s Smaller Loans fund which is managed by GC Business Finance and River Capital. The investment will help fuel the next steps of its growth journey, including expanding its team to meet growing demand in the UK and overseas.
Littlefair’s received support from Boost’s Access to Finance service throughout the investment process.
Access to Finance adviser Iain Duncan identified the company’s specific funding needs and determined the most appropriate type of funding. He also guided Littlefair’s throughout the process, developing a compelling funding proposal and communicating with the lender throughout, ensuring a smooth process from proposal through to the drawdown of funds.
Rob Littlefair, director of Littlefair’s, said: “We’re proud to produce hand manufactured wood finishing products, made right here in Britain. Our products combine high-quality with sustainability, formulated to be kinder to the environment and this funding will catapult our business into its next phase of growth, allowing us to add to our team, build on our success and reach our full potential.”
The fully funded Boost Access to Finance service is designed for ambitious businesses with the desire to grow, invest, create jobs, innovate and trade internationally. With a specialist team of finance advisers, it offers tailored and specific advice to help businesses become investment ready.
The service also runs a specialist Investment Academy to help businesses better understand equity investment.
The investment will help Littlefair’s hire three new staff in the next 12 months. It will also support the team in purchasing raw materials to increase production capacity, with all products hand manufactured in Blackburn, using British-sourced materials.
The growth of the business follows its successful online expansion into the US, where the wood finishing products have consistently sold out its stock on its Amazon US storefront.
Amin Vepari is business finance and scaleup lead at Lancashire County Council and also chair of Northern Powerhouse Investment Fund II’s stakeholder advisory board.
He said: “Figures show that traditionally, Lancashire businesses struggle to gain external investment, so it’s great to see a rapidly growing, international company like Littlefair’s gaining the funding it deserves.
“Littlefair’s worked closely with Iain Duncan from Boost’s Access to Finance team to prepare Littlefair’s for its investment then worked with GC Business Finance and River Capital to support Littlefair’s during the application – a great example of how our business support community comes together to provide the right help to business at the right time. I’m excited to see Littlefair’s continue to grow globally over the coming years.”
Simon Cunnington, director at British Business Bank said: “Accessing finance is vital for ambitious small businesses like Littlefair’s, and the NPIF II investment illustrates that, with the right support, sustainable growth is achievable. As one of the first deals for the NPIF II, Littlefair’s success will encourage other business owners to access finance and look towards the Fund as a valuable resource to achieve their growth goals.”
If you’re looking to grow, scale or start your business, use Boost; Lancashire’s Business Growth Hub. We offer a range of funded business support services. Call our Business Support Helpdesk on 0800 488 0057 to find out more or complete our enquiry form.
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