A Nuneaton firm which supplies bespoke products that have a practical application is set for a bright future after securing investment.
Trinity Xtras, based at Eden Business Park, in Nuneaton, has secured £200,000 investment through the ThinCats peer-to-peer lending network organised by Ludgate Finance, which has offices in Coventry, Birmingham and Wolverhampton.
The company was established in 2002 and represents a variety of lighting and stationary brands including, Mighty Bright, easy-read, Daycraft and Notes & Dabbles, by distributing products across the UK and Worldwide.
The investment will be used to further expand the company and develop Trinity Xtras’ own brand Xtralite, including the marketing and distribution of new product line NightSafe, a multifunctional LED light.
The deal was secured after Trinity Xtras’ accountants and business advisors Burgis & Bullock introduced the idea of peer-to-peer lending as an alternative to more traditional routes to finance.
Ludgate Finance is a specialist in raising business loans in the fast-growing peer-to-peer lending market and helped Trinity Xtras to finalise the investment.
Bryn Evans, managing director of Trinity Xtras which employs eight people, said: “We already represent a number of large lighting and stationary brands to promote their products to buyers and customers both nationally and internationally.
“We felt it was the right time to further develop the company and focus on our own product range Xtralite, which supplies specially designed multi-functional lighting products with features that includes a nightlight, power failure light, task light and torch.
“The finance we secured will help to support the marketing and distribution of our latest product line NiteSafe which was launched at the end of last year.
“The additional funding will not only help to maintain stock levels but will also help us to target a wider commercial market and attend both national and international tradeshows as well as contacting buyers direct.”
He added: “We found that one of the benefits of using a peer-to-peer lending network was that we were able to secure a great deal quickly and efficiently, which might not have been possible had we approached a high street bank.
“Both Ludgate Finance and Burgis & Bullock were fantastic in helping to finalise the deal in a short time period and kept us informed and reassured every step of the way.
“We have since hired two new employees to further support the development of the brand and depending on the company’s growth and progress over the next 12 months additional employment opportunities may be available in the future.”
Richard Mason, of Ludgate Finance, said the ThinCats peer-to-peer lending network was offering companies an alternative to bank finance.
He said: “It can be difficult for SMEs such as Trinity Xtras to access finance through the more traditional lending routes therefore by securing a loan through a peer-to-peer lending network, businesses are given the flexibility they need to expand and grow at their own rate.
“It is fantastic that the £200,000 investment will help to support Trinity Xtras’ cash flow as well as allowing the company to get its new product range off the ground.”