A Midlands firm which specialises in the development of radiator grilles for a wide range of vehicles, including sports models of each range, has put its expansion into gear after securing investment.
Zunsport, based in Norton Canes, Cannock, has secured £150,000 loan through the ThinCats peer-to-peer lending network, organised by Ludgate Finance, which has offices in Coventry, Birmingham and Wolverhampton.
Zunsport was set up in 2010 and provides stainless steel wire mesh car grilles to fit a variety of car manufactures including Mazda, BMW, Bentley, Ford, Porsche and Nissan.
The funding will be used to support the firm’s continued global expansion as it targets export markets across America, Germany, France and the Netherlands.
And the company is also hoping to extend its product range with the release of additional product lines for both Porsche and 4×4 manufacturers.
The deal came to fruition after Zunsport’s accountants and business advisors Cox Jerome introduced the idea of peer-to-peer funding as an alternative to more traditional routes to finance.
Ludgate Finance helped Zunsport to finalise the investment and the firm had access to the finance within three weeks. Ludgate are specialists in raising business loans in the fast-growing peer-to-peer market.
Peter Langston, managing director at Zunsport, said: “It is fantastic that we have been able to secure a substantial investment that will help to assist our growth across both national and international markets.
“We have continued to develop the company over last couple of years and we are expecting a sales increase of around 20 per cent by the end of this financial year.
“The additional finance will help to further boost this growth as it will enable us to increase our international presence and release additional product lines later this year.
“We have also added a new member to the sales team bringing the total number of employees at the firm up to 11.”
He added: “Securing the loan was a pain free experience and it was fascinating to see the type and number of investors interested in contributing finance and to receive feedback on our business strategy.
“We couldn’t have asked for better support from Cox Jerome, who we have worked with for over 30 years, along with the Ludgate Finance team who were able to find the best deal available to suit the needs of our business in the quickest time.”
Steve Grice, from Ludgate Finance, said peer-to-peer lending networks such as ThinCats are a well-suited alternative for businesses seeking investment.
“It is often difficult for a company of Zunsport’s size to secure finance through the more traditional lending routes as the banks are still reluctant to loosen their purse strings.
“In this case Zunsport was able to secure £150,000 in finance from a synidicate of private lenders and the deal was completed more efficiently than if they had targeted a more traditional route to finance.
“We have recently seen an increase in the number of businesses accessing finance through peer-to peer lending platforms such as ThinCats, as they can be used as a valuable tool for businesses that are looking to expand but struggle to secure the necessary financial backing.”