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Investment Is Perfect Fit For SFOS
An expanding Gateshead fitting firm is a cut above its competitors after investing in new property as it looks for growth.
Specialist fitout services (Sfos) has invested in a new factory and showroom on Saltmeadows Road, Gateshead, after doubling turnover to over £1 million in the last 12 months.
Set up four years ago, Sfos specialises in providing a complete range of fit out and joinery services to private, residential and commercial clients.
It will use the investment, which includes the purchase of new manufacturing equipment, to develop its client base around the UK.
Tyne and Wear Development Company supported the project after it was approached by Sfos to discuss its investment plans. It helped the company formulate a strong business plan and then identify and secure funding from One North East. The regional development agency has provided grant assistance of £60,000 towards the project through its Grant for Business Investment scheme (GBI).
Managing director Peter Atherton said: “Our old facilities simply weren’t fit for purpose. The location wasn’t ideal and logistically it was difficult to manage a showroom and workshop across two sites. The new site combines the two in one location and will increase footfall to the showroom.
“The joinery side of the business is strong. We’ve invested heavily in training and have a highly skilled team. This is an area we can win more business, providing bespoke work for private clients.”
He added: “We’d been looking to get the project off the ground for a while but there’s a limit to the amount of debt funding banks will make available in the current climate. Adding the GBI grant to the mix has made all the difference.
“When Tyne and Wear Development Company explained we could be eligible for this funding it was a no brainer. We’re a healthy company with a strong business plan and this has made a real difference. Their experience and help in guiding us through the process was invaluable.”
Jim Malloy, of Tyne and Wear Development Company said: “Sfos is exactly the type of company the GBI scheme was set up to assist, providing vital financial support for a growing business and encouraging job creation. It’s a young, ambitious and dynamic company with strong credentials and impressive clients.
“We were able to guide them through the application process and work closely with One North East to successfully secure the GBI funding which is vital for the company’s long-term development. We also introduced them to other sources of assistance, in particular Business Link and Gateshead Council.”
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