Case Study: FoilCo- Northern Powerhouse Investment Fund
Company received a £750,000 loan through NPIF
A second generation family business that offers high quality printing foil materials used in packaging for a range of industries, received a £750,000 loan through NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
Foilco, based in Warrington, import, and sell hot stamping foil which is used in a specialist printing method where a dry, solvent free process transfers metallic effects to a surface at high temperatures. The award-winning company supplies to customers in the food and drink, confectionery, cosmetics, and fashion industries to name but a few. Clients include Charlotte Tilbury, Pukka Herbs, Laurent Perrier, Hotel Chocolat, Thorntons, GHD, Chanel, Gucci and Manchester Gin.
The company is run by brothers Paul and Matt Hornby and was established in 1987 by their father David. Last year the business reached a turnover of £6.3m and it is forecast to reach £7m this year.
NPIF – FW Capital Debt Finance invested £750K for working capital to support the business through a five-year development plan which will see significant year on year growth.
Director Paul Hornby said: “Despite some challenges in the last couple of years due to Brexit and Covid, we have still managed considerable growth during the last 12 months. As a family business our reputation is everything and we need to deliver the highest quality to our customers at all times. The loan has enabled us to update our machinery, invest in our staff and recruit three new employees. We have also launched cutting edge technology on our website that allows customers to see accurate digital images of what their end product will look like using our foils, helping us expand our global reach and increase our exports.
“We are also market leaders in supplying our products with a low carbon footprint which has also helped us win new clients as it’s incredibly important to us to advise companies how to use recyclable products where possible.
“FW Capital gave very clear instructions of what was required to support our application for funding and the whole process was very slick. We dealt with Laura from the first enquiry right through to the funds being in our account which made it feel very personal and she was always on the end of the phone to offer advice when we needed it.”
FW Capital investment executive Laura Rees said: “Family run and owner managed businesses are the backbone of our economy and Foilco is a fantastic example of how a company that is run by truly passionate owners, can evolve and become a market leader. Foilco is exactly the type of business we want to support, and we look forward to working with the company through this exciting period of growth.”
Sue Barnard at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. Launched over 30 years ago, Foilco is a business still full of potential and we are pleased to support the team in taking it to new heights, as turnover continues to grow.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
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.