A Humber-based supplier of office equipment and services has secured a £660,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
KRL Group employs 25 staff selling office printing, copying and scanning solutions and providing service, support and maintenance to a fleet of some 3,000 customer machines across the UK.
The Hull-based firm, which was founded in 1984, will use the investment to purchase its 9,600 sq. ft. premises, which are currently leased. It will also develop the company’s demonstration suite and showroom facilities and drive marketing activity. In addition, the capital will allow KRL to create new jobs.
George Baker, KRL Group Managing Director, said: “KRL Group is one of the longest-established suppliers of office equipment and services in Yorkshire and Lincolnshire.
“We operate across the UK, providing great value, exceptional customer service and technical support. We really care about taking care of our customers so they stay with us for a lifetime.
“We are delighted with the backing from FW Capital to help us buy our premises and expand our operations. We are grateful to FW Capital team for their supportive approach which will allow us to fulfil our ambitions at this exciting time.”
FW Capital Senior Investment Executive Keith Charlton and Investment Executive Anne Blanden completed the deal, which was introduced by chartered accountants, auditors and advisers Garbutt + Elliott.
Keith said: “KRL has some extremely strong growth opportunities. The firm has recently won partnership status with HP. It is anticipated that this will increase the attractiveness of KRL’s offering and help drive sales growth.
“KRL’s office is modern and provides good space for future growth so we were happy to support them when the opportunity came up to purchase it. The company’s plans to further develop its demonstration suite and showroom facilities will help maintain sales growth.”
Phil Glover Business, Development Manager at The Humber LEP, commented: “We are delighted to see yet another company in the Humber benefit from the Northern Powerhouse Investment Fund. The purchase of their facility has enabled them to also invest in new showroom and demonstration facilities to support the company’s future growth”.
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project 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 and the European Investment Bank.