Funding boosts mean growth for businesses
A print company and a telecoms business have benefited from funding arrangements with Barclays.
Leeds-based business Yoozoom Telecom has secured £155,000 to fund its growth and acquisition strategy.
Yoozoom, which employs six people, is forecasting to hit £1m annual turnover by the end of this year.
Al Athraby, managing director of Yoozoom Telecom, said: “The climate is challenging and some would say in crisis. But in crisis comes opportunity.
“We have seen many businesses favour flexible commercial pricing and low zero capex because of the challenging trading conditions.
“Understandably, investment in any capital for a business is currently under real scrutiny. We have simply removed the cost of ownership of telephony and businesses are welcoming it.”
Phil Middlebrough, Barclays business manager in West Yorkshire, said: “Yoozoom is a great example of a business that is thriving and growing in the current economic climate and I’m delighted that we’ve been able to partner with them to help them grow.”
Meanwhile, Resource has partnered with Barclays as part of its continuing strategic growth plans.
The move to Barclays includes a new funding deal which will provide working capital.
Resource, established since 1996, has diversified its core print culture to include creative design, digital and cross media services.
Managing director Philip Thompson said: “We’ve recently secured new contracts and felt that the time was right to find a new financial partner to take us to the next phase of our growth strategy. Barclays has provided a suite of banking products which includes working capital, providing us with flexibility to implement our growth plans.”
The company, which employs 50 staff and has a turnover of £5m, is headquartered in Leeds.
Alex Pryce, relationship director at Barclays, said: “It’s great to see Resource further developing and expanding despite the current economic climate. The new funding means that the company is well placed to take advantage of the current climate and is well positioned to retain its leading position within its chosen markets.”
