Bude-based design studio, YEO, has secured a £30k loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), to enable the company to further grow its high-end furniture brand.
Previously known as James Yeo Cabinet Makers, the business was founded in 2011 by fine furniture maker James Yeo. Life-long friend Adam Hodgson joined the company in 2017, bringing with him his knowledge gained in the construction industry.
The funding secured from CIOSIF will enable YEO to purchase new machinery to improve production capability and capacity. This will also create three full time machinist roles based out of the Cornish workshop, with the possibility of additional roles being created towards the end of the year.
CEO Yeo said: “Adam and I wanted our brand to not only be of a high quality, but to stand out from the crowd. We are committed to creating a space less ordinary, giving our clients interiors which are as unique as their experiences. The purchase of this equipment will allow us to meet demand and further expand the business, along with being able to hire the three new skilled machinists required to operate the equipment.
“We’d like to extend our thanks to our business manager, Mike Chapman, for helping us realise the next stage of development and for guiding us through the funding process.”
The deal was handled by SWIG Finance, which is working with appointed CIOSIF fund manager, The FSE Group, to deliver the small business loans part of the fund.
Chapman, CIOSIF business manager at SWIG Finance, added: “It was great meeting James and Adam and to hear their story and business journey so far. These skilled craftsmen have carved out an excellent reputation with a strong network of industry contacts.
They have developed and built up a strong brand to perfectly match their clients’ needs, be that a bespoke design for one room, or for a whole house fit-out. Benefitting from a solid sales pipeline we were delighted to provide this funding, which will help the team fulfill their orders and grow the business further. These are exciting times for the business and I am really looking forward to seeing what the future holds.”
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.