An online retailer based in Yorkshire has received £150,000 investment to allow the company to meet new demand and handle increasingly large orders.
JuiceEBitz was founded by managing director Jai Corder in 2012, specialising in the sale of audio-visual equipment and mobile phone accessories.
The business, which is based in Filey, North Yorkshire, sells a range of products such as cables, adapters and powered solutions, including many which are designed in-house.
Since its launch almost 10 years ago, JuicEBitz has built up a loyal customer base and has sold more than one million products, but the company is gearing up to handle even bigger orders after securing a six-figure investment.
The £150,000 loan was secured from NPIF - FW Capital Debt Finance as part of the Northern Powerhouse Investment Fund.
The cash will be used to allow the company to place large orders with key suppliers to boost the firm's stock volume, allowing it to meet growing demand.
Jai Corder, JuicEBitz's managing director, said: “FW Capital and NPIF have been strong supporters of our business and we are delighted with the ongoing service we have received.
"Our collaboration with FW Capital has allowed us to build an extensive and high-quality product range and we continue to innovate and develop new lines as one of the most trusted suppliers in our market.”
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The money has also allowed JuicEBitz to hire an additional member of staff, bringing the company's headcount to six.
The investment in the business follows on from an initial £150,000 NPIF loan the company received in 2019.
Dave Hawkins, FW Capital portfolio executive, said: “As long-term funding partners, it has been heartening to watch the progress of Jai and the team as they continue to expand the business and build on their excellent reputation.
"We are delighted to have been able to provide this latest investment to enable them to place larger orders to meet their ever-growing customer demand.”
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.
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.