Tapping into joined-up support
Using its strong local links, Tees Valley Business was able to start conversations, make connections and introduce Press On Vinyl to its local networks and finance providers.
Danny says: “We were introduced to the incredibly supportive team at North Invest, who invited us to pitch at two of their events. This resulted in us finding an investor who not only completed our investment round but also became a great partner that has many years’ experience in the music industry.
Another introduction was made to FW Capital, who manage the Northern Powerhouse Investment Fund, which Tees Valley Combined Authority contributes to.
Danny says: “While we were struggling with many other lenders due to the pandemic, FW Capital went the extra mile to get us the finance we needed. They spent a long time researching our industry and helped us work on an incredibly detailed forecast, as they really understood the benefit our business could bring to the local area.”
All this alongside additional grants funding for marketing costs and additional employee training through Teesside University’s Digital City Accelerator programme.
Danny tells us that the Large Capital Grant was the catalyst to securing this additional finance. He says: “Without the Large Capital Grant, the capital expenditure would have been too high for us to fund the project through private finance alone. Having the approval for the Large Capital Grant really helped us to secure the rest of our private finance as it was attractive to investors and lenders.”