KRL Group targets £5m turnover
Hull-based KRL Group is targeting £5m turnover after establishing itself as a major supplier of print and copier machines across the North of England.
Backed by Finance Yorkshire since 2010 when its turnover stood at £2.1m, KRL Group has grown its workforce from 18 to 25 in the last five years and has more than 2,000 clients, many across the M62 corridor.
A total of £220,000 has been invested in the company by Finance Yorkshire - providing much needed capital to both kick-start KRL Group’s expansion plans and support its continued growth.
Managing Director George Baker said: “At the time I took on the business, we needed investment to put in the technology and infrastructure to show how professional we were and that we could deliver for clients. Finance Yorkshire supported us from the beginning and their input has been fantastic in helping us get the business to where it is today.”
Finance Yorkshire’s investment enabled KRL Group to move to a new and larger base in Malmo Road in 2014 from where the company has achieved its ambitions to expand its geographic reach.
It now has a presence in Bradford, Manchester and on the East Coast which has enabled KRL Group to win and serve larger accounts. New clients include Rix Petroleum and MKM Building Supplies nationwide.
George said: “Finance Yorkshire’s support helped establish us regionally enabling us to position ourselves alongside the bigger players in the print and copier machines sector. We’re up to £3m turnover and I’d like to be at £5m within the next few years.”
Finance Yorkshire’s Chief Executive Alex McWhirter said: “KRL Group was one of the first companies we invested in and it is very rewarding to see how our total investment has enabled George and his team to take the business on, grow it, expand into new customer areas and create valuable jobs. KRL Group is a great SME success story.”
To date our investments have enabled companies to increase their turnover by £352 million and attract a further £187 million from other private sector sources. And through that activity, Finance Yorkshire investment has helped those SMEs to create and safeguard 10,670 jobs in Yorkshire and the Humber.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union and attracts 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, UK Government and the European Investment Bank. Finance Yorkshire is also supported by the Regional Growth Fund.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire