NPIF funding for luxury outdoor furniture manufacturer
A West Yorkshire luxury outdoor furniture company has secured £ 480,000 in funding from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Based in Wetherby, Akula Living, established in 2006, specializes in the design and manufacture of luxury outdoor furniture.
The company serves a range of contract markets including hospitality, cruise ships, resorts and spas. It also offers a “Custom by Akula” manufacturing service.
Guests include some of the world’s best-known hotels including The Venetian, Las Vegas; The Savoy, London; Jumeriah Beach, Dubai; and Le Ritz, Paris. It also supplies global cruise lines such as Carnival and Holland America.
Akula recently supplied the newly refurbished Yorkshire Hotel in Harrogate with its Colonial range, allowing it to open up more outdoor space.
The investment of NPIF – FW Capital was facilitated by Anne Blanden, Senior Investment Executive, and Rachel Smith, Investment Assistant. He supported the creation of two new roles at Akula.
Akula is targeting the U.S. market, home to a number of international hotel chains, and enjoying increased sales in the Middle East as the popularity of UAE and Indian Ocean vacation destinations such as the Maldives is increasing.
Tim Appleton, Managing Director of Akula, said: “Akula has a reputation as one of the world’s leading designers and manufacturers of outdoor furniture, with collections known for their perfect combination of style and performance. The NPIF – FW Capital financing will allow us to focus our efforts to expand our global operations and develop our business in new markets. We thank Anne Blanden, the FW Capital team and NPIF for their support.
Anne Blanden, Senior Investment Officer, FW Capital, added: “Akula is a successful company with an extremely experienced management team who have skillfully managed the significant turbulence in their market sector during the pandemic and their performance is commendable with sales that are maintained and increased. .
“This £ 480,000 NPIF loan will provide continued stability and the confidence to move forward, investing in growth capital that will support ongoing job creation.”
The Northern Powerhouse Investment Fund project is financially supported by the European Union thanks to funding from the European Regional Development Fund (ERDF) under the Growth Program of the European Structural and Investment Funds 2014-2020 and the European Bank investment.