Funding Boost Gave Much Needed Support to Xamax Expansion Plans
Having the funds to invest in a business and drive it forward, while taking into account a challenging economic climate, has no doubt been difficult for organisations over recent years. Many companies have chosen to put their investment requirements on hold, as they focus instead on maintaining stability and retaining market share.
Wakefield based clothing specialist, Xamax, took a very different approach to the recession in 2011. The company began to consider ways in which they could receive much needed funding that would allow them to extend their office space to provide a better working environment for current staff, while also employing an additional six people to the growing workforce.
After discussions with Grahame Lunt, Investment Manager at Finance Yorkshire about the company’s future plans, Xamax applied for a £70,000 cash injection.
On approval of the loan, Xamax were able to move forward with their ambitious expansion plans; creating an additional 6,000 sq. ft. across two floors, the company developed a new showroom and state-of-the-art offices.
The business is now reaping the benefits of having received the investment from Finance Yorkshire and have been able to ensure the future growth and continued success of the company.
Graham Thompson, Managing Director of Xamax, explains why securing the investment means so much to the company: “We were trying to drive the business forward at a time when securing finance was very difficult. The funding from Finance Yorkshire was therefore crucial – we could not have gone ahead with the extension to our factory without it.”
He adds: “Before the extension, we didn’t have the room to employ another single person. We wanted to create a much better working environment for our staff and the Loan allowed us to do that. The offices we have now are a million miles better than what we had before and it really does make all the difference.”
Finance Yorkshire Portfolio Manager, David Ward, said: “Xamax has an impressive track record in business over many years and Graham and his team continue to succeed in the work wear and clothing industry by being innovative and delivering excellent customer service.”
For Xamax who currently provide more than 10,000 businesses with embroidered and screen printed garments and have more than 20 years’ experience working within the sector, the company can look forward to an exciting and ever evolving future thanks to Finance Yorkshire.
With a wide variety of styles and ranges available including work trousers, polo shirts, fleeces and body warmers, Xamax is a leading provider of personalised work wear and branded sports clothing.
Finance Yorkshire is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire