Zutux gains £950k invesment
THE North West Fund for Development Capital has invested almost £1m in Trafford Park-based furniture group Zutux.
The investment in Zutux, which was set up in January 2010 by former Expansys CEO Roger Butterworth, will also lead to Halo International chairman Sir Eric Peacock joining the company as a non-executive chairman.
Zutux is based at the former Johnson & Johnson contract furniture warehouse at Trafford Park, which Zutux bought from administrators last year.
The company makes bespoke fitted kitchen and bedroom furniture, as well as freestanding items like book shelves, desks and storage units. It employs 45 staff.
Mr Butterworth said the investment “will enable us to grow our range of products for our business and online customers who value well-made. competitively-priced British furniture.”
The North West Fund for Development Capital is managed by YFM Equity partners and is part of the wider £185m North West Fund.
YFM Equity Partners’ North West head of investment Joseph Bergin said: “We are excited to work with Zutux as they are showing that the UK can make high quality products that can compete with the finest imported furniture and they are able to satisfy the requirements of UK retailers to compress the timing from order placement to delivery.”
Andy Leach, CEO of North West Business Finance, said: “It is great to see a British manufacturer looking to expand its offering and capitalise on international growth opportunities through its online presence. I’m certain that the experience and networks of YFM Equity Partners will prove invaluable in helping Zutux achieve its ambitious goals.”
Zutux was advised on the deal by law firm Turner Parkinson. YFM Equity Partners was advised by Cowgill Holloway and Brabners Chaffe Street.
