Funding will enable the company to employ four new staff members and expand its business operations and sales function.
Luxury homeware wholesaler, Fifty One Percent Limited, has received a £250,000 finance package from the Midlands Engine Investment Fund Debt Finance, managed by Maven.
The funding will allow the Leicestershire-based business to hire four additional staff, while expanding its product line and sales and marketing function.
Fifty One Percent operates as a wholesaler and distributor of homeware products including porcelain and chinaware, soft-furnishings, kitchen textiles and bathroom accessories. The firm lists major retailers as customers including John Lewis, Harrods’ and Selfridges. The firm also supplies internationally to Anthropologie, David Jones, De Bijenkorf and Galeries Lafayette.
Husband and wife management team, Phil and Jen Butler have organically grown the business since launch in 2009 and recently opened new premises in Lutterworth, Leicestershire, for displaying its expanding product line.
David Tindsley, Investment Manager at Maven, said: “We are delighted to provide funding to Fifty One Percent. The business has a great growth plan in place and we are looking forward to seeing the team achieve their goals over the coming years.”
Phil Butler, Director of Fifty One Percent Limited, said: “The new funds will enable us to expand our product offering and commercial operations. We are committed to working with Maven to grow the business and strengthen relationships with our suppliers and customers.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “From its Leicestershire base, Fifty One Percent has secured a strong customer base of national and international retailers. The MEIF is still very much open for finance and we would encourage businesses to consider the options available through the Fund.”
Kevin Harris, Chair of the LLEP Board of Directors, said: “It’s always wonderful to see SMEs expanding, but particularly so in the current climate. This MEIF investment, which will help to create four new jobs in Leicestershire, is exactly what is needed to keep our local economy on track and ensure that small businesses such as Fifty One Percent have the confidence and support they need to fulfil their ambitions.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Are you looking for funding for your business?
Keep up-to-date with our latest deals, events and business support blog.