A fast-growing Yorkshire e-commerce business is set to expand its sales in Europe thanks to a £250,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Established just three years ago, Total Racking Solutions is now a leading supplier of shelving and racking within the UK, with clients ranging from warehouses and logistics firms to retailers and householders. Customers include Costa Coffee, NHS , Warner Bros and Ocado.
The company, which offers rapid delivery times, employs a team of 15 at its base in Normanton and operates websites in French and Italian. The funding will allow it to launch sites in other European languages and create six new jobs.
Total Racking was founded by serial entrepreneur Keith Slinger, who has a track record in the industry, and was his first online business. The company grew turnover from £1m in the first year to £3m the following year and is on target to turn over more than £8m in the current year.
Keith said: “Following the rapid growth of our business throughout Europe, we needed a quick funding solution and approached the Northern Powerhouse Investment Fund. The Mercia team really understood our needs and responded very quickly – the whole process took just weeks from start to finish. The funds will help us to expand into other European countries and meet the growing demand.”
David Wright, investment manager with Mercia, said: “Total Racking Solutions has built its success on quality products and speed of service. The company has sophisticated systems in place to fulfil orders and achieves high customer ratings with few returns. We were delighted to be able to react quickly to Keith’s request and help support its move into new territories within Europe.”
Mark Wilcockson at British Business Bank said: “We are pleased that NPIF has continued to support high-growth businesses in the North, providing vital funding to enable job creation and expansion into new markets. This investment demonstrates how this funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”
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.