Family business CW Sellors has secured £1.5m in investment to expand its design and manufacturing centre
Derbyshire-based CW Sellors has secured funds from MEIF Maven Debt Finance, via the Recovery Loan Scheme. The debt fund is part of the Midlands Engine Investment Fund (MEIF) which is managed by Maven Capital Partners. Along with the expansion of its facilities, the funds will also help the business increase its sales and marketing activity.
Founded in 1979, CW Sellors has managed to establish a successful online presence along with a good reputation as a retailer of jewellery and luxury watches across Derbyshire and Yorkshire.
CW Sellors plans to use the funding to expand its design and manufacturing centres with a newly built facility, and to create new jobs in its manufacturing and design teams.
The new design and manufacturing centre based in Carsington, Derbyshire, will also include a boutique jewellery store, exhibition space, tours for visitors, and a café for refreshment.
In addition to its new building project, CW Sellors will use the funding to boost its marketing and sales activity, strengthening the promotion, advertising, and branding of its products to reach a wider audience and increase visitors to its stores.
Richard Altoft, Investment Director for Maven, said: “This is a really exciting time for CW Sellors and the expansion of their design and manufacturing centre could see a continuing number of prosperous years ahead for the business. Following an introduction from Midlands Asset Finance, we are delighted to be able to support the business through this key growth stage.”
Chris Laud, Head of Finance at CW Sellors, added: “It has been a pleasure to work with Maven at this important time in the development of our business. Raising finance can be a difficult and often quite painful process, but Richard was very supportive and, in the end, the whole experience was very straightforward.”
Lewis Stringer, Senior Manager of UK Network at the British Business Bank, said: “The MEIF supports businesses such as CW Sellors looking to expand in the Midlands region. In this case, the funding will be used to create a new manufacturing facility, while creating new jobs and helping to level up the company. We encourage other SMEs in the area to consider MEIF funding to support their own development.”
Will Morlidge, Chief Executive of D2N2 Local Enterprise Partnership added: “It’s great to see a local, family-run business thriving and being provided with the investment to grow. SMEs are the backbone of our economy, and we’re very proud to be able to support businesses like CW Sellors who are at the forefront of post-Covid economic recovery.”
The Midlands Engine Investment Fund 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 2014-2022 and the European Investment Bank.