Funding injection of £400k ramps up growth at barcode specialist
Bar Code Data has received a £400,000 business loan from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
The 30-year-old firm is a provider of barcode solutions.
The company offers comprehensive label production facilities from its site in Ashton-under-Lyne, including barcode scanners, mobile terminals, label printers and consumables such as thermal labels and ribbons, together with label design or bespoke software, offering a fully integrated solution.
Clients include leading brands John Lewis, Adidas and Manchester United FC and the company employs a growing workforce of 15 staff.
The funding will allow the firm to ramp up its internal and external operation, appointing three new staff members in production and sales.
The purchase of a new state-of-the-art printing press, in addition to the current facility, is also in the pipeline.
Bar Code Data has recently been acquired by long-standing associate Mike Jackson who took on the role of managing director at the beginning of 2020.
Under his leadership the business is expected to grow turnover from £2.6m to £3.6m in the following 18 months, with a projected turnover of £5m by 2023.
Mike said: “We are a well-established business within our field with a really strong brand and have built some excellent relationships. It’s important that, moving forward, we are able to deliver ahead of expectations in terms of our digital offering and that is very much our intention.
“We now have the resources, team and infrastructure in place to ensure that we retain a market-leading position.
“The FW Capital team have guided us through the investment process and supported our endeavours to secure investment and we’ve had a very positive experience working with the investment team. Our targets are ambitious, but ones that we believe are achievable as the business evolves over the coming three years.”
FW Capital senior investment executive, Andy Traynor, said: “It’s really important that businesses put in place the proper infrastructure to cope with expansion. Bar Code data has invested in machinery and staff which will enable them to continue to provide a first class service to their clients.”
He added: “Mike is very experienced in the sector. He is ambitious and has the drive and determination to take this business forward and realise the company’s significant growth potential.”
Sue Barnard, senior manager at the British Business Bank, said: “We are really pleased that NPIF has continued to support high-growth businesses in the North, demonstrated by the investment into Bar Code Data.
“The funding will be used to enable job creation and ramp up facilities and production, showing how investment from NPIF can make a real and measurable difference to businesses across the Northern Powerhouse region.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.