Fittingsco, a kitchen fittings supplier, founded by ex-Team GB swimmer Dan Briggs in 2017, secures significant investment backing to drive growth.
- The company aims to expand its team and stock levels with the support from Northern Powerhouse Investment Fund II, managed by FW Capital.
- Fittingsco specializes in innovative furniture fittings, including LED under-counter lighting, aligning with market trends and customer needs.
- The £660m fund provides substantial financial options, supporting SMEs in the North of England to capitalize on growth opportunities.
- This strategic investment implies a promising expansion for Fittingsco, potentially increasing employment and enhancing business operations.
Fittingsco, founded by former Team GB swimmer Dan Briggs in 2017, has recently received notable backing from the Northern Powerhouse Investment Fund II. Briggs, who juggled setting up the business with his swimming training, has steered the company to specialize in furniture fittings, offering products from hinges to LED under-counter lighting. The funding will significantly fuel Fittingsco’s growth ambitions.
The Northern Powerhouse Investment Fund II, managed by FW Capital, has been instrumental in supporting small and medium-sized enterprises in the North of England. The fund’s debt capital provision aims to enhance business capabilities, allowing companies like Fittingsco to upscale their operations efficiently. The planned expansion includes growing their team and boosting inventory, crucial for meeting increasing demand and market trends.
Dan Briggs, Fittingsco’s managing director, articulated that the NPIF II investment is poised to accelerate the company’s scaling efforts. “The big area of growth is increasing our stock levels, and the full impact will be seen in the new year,” he stated. His ambitions include introducing more high-quality and innovative products to the company’s range, ensuring alignment with current market trends.
The Northern Powerhouse Investment Fund II allocates loans up to £2m and equity investments up to £5m, focusing on promoting business growth. Caroline Turley from FW Capital emphasized the importance of such financial support in helping companies like Fittingsco realize their potential. She acknowledged Briggs’s unique background and his commitment to business development.
Sue Barnard from the British Business Bank praised Fittingsco’s strategic use of NPIF II funding to foster growth and create jobs in Greater Manchester. This investment not only reflects Dan Briggs’s business acumen but also underscores the necessity of adapting to fast-growing industry needs, thereby enhancing Fittingsco’s domestic and international market position.
Fittingsco’s strategic alliance with the Northern Powerhouse Investment Fund II marks a pivotal step towards significant business growth and innovation.
