Harrogate-based bathroom pod solutions firm Taplanes has secured a £250,000 NPIF loan backed by CBILS from NPIF - FW Capital Debt Finance which is part of the Northern Powerhouse Investment Fund.
Using the Coronavirus Business Interruption Loan Scheme (CBILS), to support the Northern Powerhouse Investment Fund, FW Capital is able to loan between £100k and £750k to SMEs that are experiencing lost or deferred revenues, leading to disruptions to their cash flow.
Established in 1979, Taplanes provides modular, pre-fabricated showers and bathroom pods to customers around the world. Due to the Coronavirus pandemic, the business faced disruption and had a number of contracts pushed back from summer 2020 to 2021. The NPIF funding will be used to support working capital needs in the interim and thanks to the investment, this has safeguarded the jobs of 42 full-time employees.
The education sector makes up Taplanes’ main client base, however the company is currently diversifying to take advantage of new opportunities in wider sectors such as modular contruction, care and criminal justice. This is the second time Taplanes has received FW Capital funding, following a £350,000 investment in June 2019.
Dave Hawkins, Portfolio Executive at FW Capital, said: “Taplanes is a long-established and successful firm with a strong management team and an excellent future order book. As long-term partners, we are pleased to have been able to quickly offer them the funds needed to allow them to diversify and continue to grow during the Covid-19 pandemic.”
Both new and existing customers are eligible to apply for NPIF loans backed by CBILS from FW Capital who provide loans in the NPIF region with a focus on the North West, Cumbria and the Tees Valley. Deadline for the CBILS scheme is 31 March 2021.
Jon Frewin, Taplanes Director, said: “At Taplanes, we have been designing and manufacturing modular showers and bathroom pods for high-use environments over the past 40 years. This investment from FW Capital is ideal for our needs. It has put us in a strong position to complete our pipeline of future projects and continue with our ambitious plans to diversify our client base and bring innovative new products to market.”
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). Delivered by the British Business Bank, CBILS supports the continued provision of finance to UK smaller businesses during the Covid-19 outbreak.
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.