Photographic firm exposes itself to growth after new funding deal
A Black Country photographic business is set to expand after securing a new funding deal.
Halesowen-based Photobooths.co.uk is the UK’s leading manufacturer and supplier of portable photobooth systems to corporate clients, marketing agencies and the general public.
The company, originally set up in 2006, plans to double its workforce this year after receiving a £600,000 loan from HSBC to help buy new commercial premises.
The funding has enabled it to complete the purchase of a 25,000 sq ft unit. The firm’s rapid expansion comes after turnover almost doubled last year.
The new site, which is five times bigger than the previous site, will enable the company to explore new sectors such as Magic Mirrors and ‘smart’ dancefloors.
It will also enable the business to improve its presence in international markets. The firm currently exports 35% of its photobooths and dance floors to countries and regions including Australia, the Middle East, and Europe.
Alongside a premises expansion, the HSBC finance has enabled Photobooths.co.uk to hire a further 20 employees – a 50% increase on last year.
Tim Warrington, CEO and managing director of Photobooths.co.uk, said: “We are incredibly proud of our company and the growth we have achieved since we started in 2006.
“HSBC’s support has enabled us to continue to grow and help us enter new and exciting markets, using the latest innovative technology such as 3D printing. With our continued growth, we believe we can achieve great things in the future.”
Mark Lupton, Area Director for Business Banking in Greater Birmingham, said: “This financial support provides Photobooths.co.uk with the stability and confidence to realise its plans for international growth and expansion into new markets.
“The business has a strong vision for its future and is a great example of the kind of ambitious UK business we are able to connect with international opportunities.
Photobooths.co.uk also manufactures bespoke photobooths for corporate events and parties, with clients including Coca Cola, ITV, Xbox One and BBC.
The funding was arranged by Martyn Drayton, International Relationship Manager at HSBC in Greater Birmingham.