£500,000 funding package will help Mansfield business expand
A long-established Mansfield furniture design business has been awarded a £500,000 funding package to help it expand into new markets,
Sylvan Enterprises (“Sylvan”) has received a loan through the Midlands Engine Investment Fund (MEIF) ESEM Debt Finance fund. The fund is backed by the Coronavirus Business Interruption Loan Scheme (CBILS) managed by Maven Capital Partners (Maven).
The well established business will use the money to support its expansion into new markets and has plans to enter the social care and education sectors.
Sylvan specialises in the manufacturing of contract furniture and co-ordinates with interior designers, architects and specifiers in the design and manufacturing process.
It has been operating for more than 25 years and supplies mainly to the hospitality and hotel sector and its clients include Hilton, Accor, IHG, and Bannatyne Health Club and Spa.
Following a recent management buyout Sylvan is headed managing director Pete Fowler, commercial director Amanda Page, operations director Tony Lindsley, production director Chris Goff and factory director Nick Fowler.
Amanda Page said “After what has been a very challenging year, this finance will enable Sylvan to venture into new markets with confidence, knowing that we have the capital behind us.”
"It has also enabled us to take on two larger projects in 2021 with the full knowledge that cash flow will not cause any issues during the early stages of both projects.’’
Richard Brighty, investment manager for Maven adds: “Sylvan is a well-established, successful niche manufacturing business demonstrating consistent growth despite the strong headwinds in the hospitality sector throughout the pandemic.”
Sajeeda Rose CEO for D2N2 said: “Businesses with a plan for growth are vital for our region’s economic recovery.”
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).
It is part of the European Structural and Investment Funds Growth Programme for 2014-2020 and the European Investment Bank.