NPIF Debt

Pet health food firm set to expand with help of £120k loan

1st December, 2020

A Yorkshire pet supplies business which specialises in healthy food for dogs and cats is expanding with the help of a £120,000 NPIF loan.

Pet Supplies Warehouse suffered an overnight drop in sales when the first lockdown was introduced in March as customers could no longer purchase products in person from its Barnsley warehouse. However the company is now benefitting from the growth in online sales and is expanding its range of pet accessories and increasing stock levels. It has secured a CBILS-backed loan from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, to help fund its growth.The company, which employs 11 people, has already created one new job

Pet Supplies Warehouse has one of the largest ranges of high quality pet food on the internet including gluten-free, weight-control and grain-free options and supplies only British-made products. It is now offering a wide range of premium bedding, leads, collars and coats.

The company’s chief executive Neil Mason, a former accountant who acquired the business as a start-up in 2018, said: “The pandemic has made people rethink their priorities and focus on the things that really matter. They are spending more time with family and pets and willing to spend more money on them. This fits with our ethos as we supply only premium products, but we recognised we needed to expand our range and offer more quality non-food products. The funding will allow us to introduce new lines and to increase stock levels to ensure continuity of supply.”

Andy Tyas of Mercia said: “Neil has built up this business from a start-up and it was growing strongly before the first lockdown when customer visits ceased. However online sales have continued and with customers now preferring online shopping, it is important for the business to stock a wider range of products and in greater volumes. The funding will help it overcome the initial impact of Covid 19 and provide increased working capital to allow it to adapt and grow.”

Mark Wilcockson at British Business Bank said: “NPIF continues to provide vital funding to Northern businesses across the region. We are pleased to continue this support, and are proud to work in partnership with Mercia and our other fund managers to continue to make a real impact on business communities in a diverse range of sectors, driving business growth and strengthening regional economies across the North.”

Applications for CBILS loans are open until 31 January 2021. Contact Sarah Hex at Mercia for details.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).

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.

 

Loading...