A STAIRLIFT designer and manufacturer in Cross Hills has ambitious plans for its future after it secured crucial investment backing.
Platinum Stairlifts already has more than 100 staff and distributes its equipment in at least 40 countries.
But with support from NorthEdge Capital – which has bases in Leeds, Manchester and Birmingham – the Keighley district business has confirmed it will be able to invest in additional new product development and reinforce its international presence.
Tim Frear, founder at Platinum Stairlifts, said: “The reason I chose to work with NorthEdge is that they have developed an impressive track record of supporting high growth manufacturing businesses in the region, making them the ideal partner for us.
“The stairlift market has a number of strong underlying growth drivers, and we are excited about accelerating our growth plan with the investment from NorthEdge.
“In the coming years, we hope to enhance our position as the preferred supplier for stairlift distributors by continuing to do what we do well – make great products and provide the highest levels of service to our distributors.”
NorthEdge typically invests between £5 million and £45 million in each business it backs.
James Marshall, investment manager at NorthEdge Capital, said: “We’re really looking forward to working with Tim and the Platinum team.
“Platinum is well positioned to accelerate its recent growth in the global stairlift market, a market that looks set for long term expansion.
“Platinum’s success in recent years is a result of its reputation for high quality products and a relentless focus on providing excellent service to its network of international distributors.
“Our investment will support the strategy forged by Tim and the team, which will see continued product development, expansion of the business’s international reach and investment in the operational platform to drive growth.”
A network of authorised dealers supplies the stairlift business’s products in countries such as France, Germany, the Netherlands and North America.
Platinum Stairlifts says its revenue has increased by over 20 percent year-on-year since 2012.
NorthEdge’s investment is being led by John Rastrick, partner and head of Yorkshire & North East, Tom Rowley, director, and James Marshall, investment manager.
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