Cornish furniture design company, Out of Wood, has received a boost of over £80,000 through SWIG Finance to support its growth plans under new ownership.

The funding was made up of a Start Up Loan for each of the business owners, plus a SWIG Business Loan backed by British Business Bank’s Recovery Loan Scheme.

Out of Wood

Based in Truro, Out of Wood designs and manufactures bespoke kitchens and built-in furniture and has been trading for more than 20 years.

In 2022, business owners Adam and Sophie Simmons purchased the business and have been developing exciting plans to support its growth.

The business has taken on additional staff and now has a team of 9 highly skilled employees.

Co-owner Adam, who was previously an employee, said “This support means I can continue working for a company that I genuinely love working for. Without it, buying this business would not have been an option for us. We are grateful to SWIG Finance for providing the funding, and the support we needed to help make it all happen”.

SWIG’s business manager Nicki Kimberley, commented “Adam is a highly skilled cabinet marker and has been working for the business since 2005. It was clear from my conversations with Adam that he has an excellent understanding of the current business and what they need to do to ensure its long-term success.”

About SWIG Finance

SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs to overcome their financial barriers, we are working to create a more balanced financial ecosystem.

We’re growing every year. In 2021/22, we lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m. For more information visit https://www.swigfinance.co.uk/social-impact-report-2022/

If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: info@swigfinance.co.uk / 01872 227 930.

Legal Notice: The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit https://www.british-business-bank.co.uk/finance-hub/recovery-loan-scheme/

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