Cornish design studio YEO has secured a £30,000 loan from the Cornwall and Isles of Scilly Investment Fund to enable it to grow its high-end furniture brand and create jobs.
Previously known as James Yeo Cabinet Makers, the Bude business was founded in 2011 by furniture maker James Yeo. Life-long friend Adam Hodgson joined the company in 2017, bringing with him his knowledge gained in the construction industry.
With its roots firmly in the South West the team re-branded as YEO and design, manufacture and install high-end furniture, from single rooms to whole-house fit outs, managing the entire process for their clients.
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The funding secured from will enable YEO to purchase new machinery to improve production capability and capacity. This will also create three full-time machinist roles based out of the Cornish workshop, with the possibility of additional roles being created towards the end of 2021.
Mr Yeo said: “Adam and I wanted our brand to not only be of a high quality, but to stand out from the crowd. We are committed to creating a space less ordinary, giving our clients interiors which are as unique as their experiences.
“The purchase of this equipment will allow us to meet demand and further expand the business, along with being able to hire the three new skilled machinists required to operate the equipment.”
The deal was handled by SWIG Finance, which is working with appointed fund manager, The FSE Group, to deliver the small business loans part of the fund.
Mike Chapman, CIOSIF business manager at SWIG Finance, said: “It was great meeting James and Adam and to hear their story and business journey so far.
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“These skilled craftsmen have carved out an excellent reputation with a strong network of industry contacts. They have developed and built up a strong brand to perfectly match their clients’ needs, be that a bespoke design for one room, or for a whole house fit-out.
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“Benefiting from a solid sales pipeline we were delighted to provide this funding, which will help the team fulfil their orders and grow the business further.”
The £40million CIOSIF provides debt and equity finance from £25,000 to £2million to help growing small businesses across the region.
It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.
Lloyd Brina, senior manager at the British Business Bank, said: “The fund is continuing to invest in growth-minded local businesses and we are pleased to be able to support YEO’s further expansion with this loan. Despite the pandemic we continue to see demand for growth finance and the fund is here to support those ambitions.”
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “James and Adam have built a sound business focused on quality. I’m delighted that the fund has been able to help them move to the next level, including the creation of skilled jobs.”