Investment secured by furniture manufacturer
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A Dudley furniture manufacturer has landed £500,000 of investment to push forward its product development plans.
ACL specialises in the design and production of bespoke fabric and leather sofas and chairs, and currently supplies most of its designs to major furniture retailers.
The £500,000 funding package will also support the launch of its new reclining chair range.
The Midlands Engine Investment Fund West Midlands Debt Finance, managed by Maven Capital Partners and backed by the Coronavirus Business Interruption Scheme Loan provided the funding.
Craig Watts, chairman at ACL, said: “As our business is in the process of launching new products to market, we are delighted to receive financial support from the MEIF and Maven. The funding will no doubt bring us one step closer at achieving our ambitious growth targets.’’
Chris Rogers, investment manager for Maven added: “I’m pleased to be able to assist ACL with MEIF funding. The business was impacted by the effects of Covid-19 but have remained strong by seizing opportunities for growth as the country recovers from the pandemic.”