Outdoor furniture business sitting pretty with £480,000 loan
Luxury outdoor furniture company Akula Living Ltd has secured a £480,000 loan from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Established in 2006, the Wetherby-based company designs and manufactures luxury outdoor furniture and delivers these products to the world’s most exclusive five-star hotels and resorts.
Akula services a range of contract markets, including hospitality, cruise ships, resorts and spas. The company also offers a customised solution “Custom by Akula”, offering a bespoke made-to-order service.
Clients of the business include some of the world’s most well-known hotels, including The Venetian, Las Vegas; The Savoy, London; Jumeriah Beach, Dubai; and The Ritz, Paris. The company has also supplied global cruise lines such as Carnival and Holland America.
Closer to home, Akula has been busy supplying the hospitality industry with Covid friendly outdoor furniture and has recently supplied the newly refurbished Yorkshire Hotel in Harrogate with its Colonial range, allowing it to open up more outside space.
The NPIF – FW Capital investment was facilitated by senior investment executive Anne Blanden and investment assistant Rachel Smith. It has supported the creation of two new roles at Akula.
Blanden said: “Akula is a successful company with an extremely experienced management team who have ably navigated the significant turbulence in their market sector during the pandemic and their performance is commendable with sales holding up and increasing.
“This £480,000 NPIF loan will provide continued stability and the confidence to move forward, investing in growth capital which will support ongoing job creation.”
Tim Appleton, Akula CEO, said: “Akula has a reputation as one of the world’s leading designers and manufacturers of outdoor furniture, with collections known for their perfect combination of style and performance.
“The NPIF – FW Capital funding will enable us to focus our efforts on expanding our global operations and developing our business in new markets.
“We are grateful to Anne Blanden, the FW Capital team and NPIF for their support.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m).
