Penryn-based independent publishing company, Red Planet Publishing Limited, has received an £80k loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
Red Planet Publishing was established in 2013 by founder Mark Neeter, who brings to the table a wealth of experience gained from BBC local radio as well as national stations including Radio Caroline and behind the scenes at Capital Radio, before turning his love of music to journalism.
The result is an eclectic mix of informative music books encompassing a broad collection ranging from Ska, Mod and Punk through to Bob Dylan, The Smiths and Queen. Offering readers a range of books from the comprehensive Dead Straight Music Guides, to the more succinct Pocket Guides.
Neeter commented: “Red Planet specialises in books about music. We operate in a competitive market and sell through stores across the UK, Europe and the USA. Part of the funds are to allow us to develop direct sales with our audience through a new website supported by social media.
“We aim to grow as an independent business and provide employment in Cornwall and support the local economy. In turn, as a business, more sales earn higher margins online, allowing us to maximise our potential and bring out more exciting new books. Thanks to the support of CIOSIF we can further develop, grow brand awareness and cover the printing costs for expanding our range of exciting new books.”
The deal was handled by SWIG Finance which is working with fund managers The FSE Group to deliver the small business loans part of the fund. Mike Chapman, CIOSIF business manager at SWIG Finance, added: “Mark has a really interesting range of books, good branding and a great business model. It is always a pleasure to be able to support local businesses and to help them achieve their growth plans. I wish Mark every success on the next stage of his journey.”
The £40 million Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.