A Liskeard-based furniture manufacturer is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
Set up last year, Peadidit has clients across Cornwall and Devon, focusing on made to measure outdoor and indoor furniture, fitted furniture, and free-standing furniture pieces.
It has successfully secured £25k in funding, which will allow the company to increase production capabilities with the purchase of new equipment.
Peadidit owner Jonathan Peabody, said: “We strive to build furniture that defines our customers’ style and meets their requirements. As a new and growing business obtaining finance for growth is crucial for us to succeed and achieve our goals.
“We are thrilled to be able to secure this CIOSIF loan, which has already enabled us to invest in the construction of a spray booth for in-house finishing of products.”
Grant Peggie, director at the British Business Bank, said: “For any new business without a trading record it can be hard to secure the finance they need to grow. CIOSIF can make a real difference in helping to support small growing businesses across Cornwall to access funding they need which might not be available from traditional sources.
“The British Business Bank is pleased to be delivering £40 million of funding through the fund and providing finance from £25k up to £2 million.”
The Peadidit deal was handled by SWIG which is working with The FSE Group to deliver on the small business loans part of the fund. SWIG’s finance business manager, Mike Wall, said: “We are delighted to add Peadidit to the portfolio of companies supported by the Cornwall and Isles of Scilly Investment Fund. Jonathan is a highly skilled individual who has over 25 years’ industry experience. We look forward to working with him and his newly recruited team on this new venture and wish them all the success for the future.”
John Acornley, non-executive director of the Cornwall & Isles of Scilly Local Enterprise Partnership (LEP), who chairs the CIOSIF advisory board, added: “This latest deal shows how the investment fund can widen choice and remove barriers to growth. I would urge other growth-minded businesses to consider whether it could be right for them.”
CIOSIF 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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.