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Furniture designer secures £500,000 MEIF funding package

Posted onPosted on 6th May

Mansfield-based furniture design business Sylvan Enterprises has received a £500,000 loan through the Midlands Engine Investment Fund (MEIF) ESEM Debt Finance fund, backed by the Coronavirus Business Interruption Loan Scheme, managed by Maven Capital Partners.

Sylvan will use the funding package to support its growth capital needs as well as expanding into new markets, with plans to enter the social care and education sectors.

The business specialises in the manufacturing of contract furniture, where it coordinates with a range of interior designers, architects and specifiers throughout the design and manufacturing process.

Sylvan has been operating within the contract furniture sector for more than 25 years and supplies mainly to the hospitality and hotel sectors. The business supports a number of well-known clients, including Hilton, Accor, IHG, and Bannatyne Health Club and Spa.

Following a recent management buyout, Sylvan is headed up by managing director Pete Fowler, commercial director Amanda Page, operations director Tony Lindsley, production director Chris Goff and factory director Nick Fowler, who between them have more than 70 years of commercial and production experience.

Amanda said: “After what has been a very challenging year, this finance will enable Sylvan to venture into new markets with confidence, knowing that we have the capital behind us to do so. It has also enabled us to take on two larger projects in 2021 with the full knowledge that cash flow will not cause any issues during the early stages of both projects.’’

Richard Brighty, investment manager for Maven, added: “Sylvan is a well-established, successful niche manufacturing business demonstrating consistent growth despite the strong headwinds in the hospitality sector throughout the pandemic. It has been a pleasure to work with the new management team at Sylvan and support its continued growth into new markets.”

Sajeeda Rose, chief executive for D2N2, said: “Businesses with a plan for growth are vital for our region’s economic recovery, so I’m delighted that Sylvan has secured investment from the Midlands Engine Investment Fund to support is commercial expansion into new markets”

The Coronavirus Business Interruption Loan Scheme 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.

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.