West Lancs firm finds funding shelter
A SKELMERSDALE-based manufacturer of shelters and canopies has received a six-figure funding line from invoice financier Positive Cashflow Finance.
CAD Street Furniture designs, manufacturers and installs shelters and canopies for the education, health and construction sectors.
The firm employs 10 people its base in Skelmersdale and gets much of its work installing cycle and parent waiting shelters outside schools. It expects to achieve revenues of £1m during 2012.
The invoice finance funding line will help to support the working capital of the business.
Managing director, Tommy Dreha, who has 20 years’ experience in building steel structures said: “As a fledgling business, cashflow is critical to our future success and Positive has stepped in to provide that support and ensure our financial stability. We have a genuine passion for making a tangible difference to schools and hospitals, and this facility will enable us to really kick start the growth of the business.”
Phil Chesham, sales and marketing director at Manchester-based Positive, said: “Businesses like Tommy’s are the unsung heroes of the British economy and manufacturing revival.
“It is a pleasure to be able to support the goals of an ambitious entrepreneur and lay the foundations on which the business can grow.”
Positive Cashflow Finance was set up in 2007. It is backed by Manchester-based private equity firm Infinity Asset Management and via a £25m funding line provided by Lloyds Banking Group.
