Funding taps turned on for bathroom products specialist
Harrogate-based bathroom pod solutions firm, Taplanes, has secured an investment worth £250,000.
The NPIF loan backed by CBILS is from NPIF – FW Capital Debt Finance, which is part of the Northern Powerhouse Investment Fund.
Using the Coronavirus Business Interruption Loan Scheme (CBILS), to support the Northern Powerhouse Investment Fund, FW Capital is able to loan between £100,000 and £750,000 to SMEs that are experiencing lost or deferred revenues, leading to disruptions to their cash flow.
Established in 1979, Taplanes provides modular, pre-fabricated showers and bathroom pods to customers around the world.
Due to the pandemic, the business faced disruption and had a number of contracts pushed back from summer 2020 to 2021.
The NPIF funding will be used to support working capital needs in the interim and thanks to the investment, this has safeguarded the jobs of 42 full-time employees.
The education sector makes up Taplanes’ main client base.
However, the company is currently diversifying to take advantage of new opportunities in areas such as modular contruction, care and criminal justice.
This is the second time Taplanes has received FW Capital funding, following a £350,000 investment in June 2019.
Dave Hawkins, portfolio executive at FW Capital, said: “Taplanes is a long-established and successful firm with a strong management team and an excellent future order book.
“As long-term partners, we are pleased to have been able to quickly offer them the funds needed to allow them to diversify and continue to grow during the pandemic.”
Jon Frewin, Taplanes director, said: “At Taplanes, we have been designing and manufacturing modular showers and bathroom pods for high-use environments over the past 40 years.
“This investment from FW Capital is ideal for our needs. It has put us in a strong position to complete our pipeline of future projects and continue with our ambitious plans to diversify our client base and bring innovative new products to market.”
The Northern Powerhouse Investment Fund (NPIF) is one of the sponsors of the upcoming Invest North virtual conference which is bringing together business and policymaking leaders to set the agenda for the North’s economic growth.