Furniture business lands £500,000 funding line
Sylvan Enterprises has received a £500,000 loan through the Midlands Engine Investment Fund ESEM Debt Finance fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by Maven Capital Partners.
The furniture design business, based in Mansfield, will use the funding package to support its growth capital needs as well as expanding into new markets, with plans to enter the social care and education sectors.
Sylvan specialises in the manufacturing of contract furniture where it coordinates with a range of interior designers, architects and specifiers throughout the design and manufacturing process.
Sylvan has been operating within the contract furniture sector for over 25 years and supplies mainly to the hospitality and hotel sectors. The business supports a number of well-known clients including Hilton, Accor, IHG, and Bannatyne Health Club and Spa.
Following a recent management buyout, Sylvan is headed up by managing director Pete Fowler, commercial director Amanda Page, operations director Tony Lindsley, production director Chris Goff and factory director Nick Fowler, who between them have over 70 years of commercial and production experience.
Page said: “After what has been a very challenging year, this finance will enable Sylvan to venture into new markets with confidence, knowing that we have the capital behind us to do so. It has also enabled us to take on two larger projects in 2021 with the full knowledge that cash flow will not cause any issues during the early stages of both projects.’’
Richard Brighty, investment manager for Maven added: “Sylvan is a well-established, successful niche manufacturing business demonstrating consistent growth despite the strong headwinds in the hospitality sector throughout the pandemic. It has been a pleasure to work with the new management team at Sylvan and support its continued growth into new markets.”