Leisure equipment specialist All Retail Limited (All Round Fun) has received a £500,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Based in Manchester, All Round Fun sells a range of indoor and outdoor play equipment including garden swings, trampolines, hot tubs, swimming pools and garden furniture. As lockdown has restricted in-person sales, the business now sells products through its website and other online channels, with revenue expected to reach £6m in 2021.
Following disruption brought about by the pandemic, funding from NPIF-FW Capital Debt Finance is set to provide working capital as the business continues to bounce back.
Now employing seven staff, chief executive Roy Gabbie bought the company in 2012 and grew the business extensively through building up relationships with suppliers from the Far East to add more product lines, developing the website and moving to a new 25,000 square foot facility at Trafford Park, Stretford.
Roy Gabbie, CEO at All Round Fun said: “Lockdown has meant people are spending a lot of time at home and so demand for our products increased significantly. However, the bulk of our stock is sourced from the Far East, particularly China, where there was severe disruption to shipping. A lack of vessels, delays at ports and higher costs has really impacted on business.
“We needed financial support to help with cashflow so that we could substantially increase our stock levels and meet customer requirements. Our USP is that we offer next day delivery, so we need the products on site at our distribution centre. FW Capital and NPIF have been excellent to deal with throughout, the process was seamless, and I was really impressed at how quickly our application was approved.
“Our expansion plans are now back on track and we are in the process of recruiting three new staff, further developing our website and we plan to add new product lines this year. “
FW Capital senior investment executive Andy Traynor said: “The pandemic has had a huge impact on supply chains and companies the world over, and those importing from China have been particularly impacted. All Round Fun is a fantastic business that has faced severe difficulties through no fault of its own and this investment has already made a real difference. We would urge any businesses that have been affected by the pandemic to speak to us.”
Sue Barnard at British Business Bank, said: “All Round Fun are a classic example of a growing business that has been impacted by the pandemic through no fault of their own and NPIF are proud to play a part in their recovery. Even after the pandemic has subsided, NPIF will continue to improve access to finance for smaller businesses across the Northern Powerhouse.”
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.