YFM Equity Partners has invested in Zutux through the North West Fund for Development Capital.
The venture capital firm has committed £950,000 to the British furniture manufacturer and will place Eric Peacock, chairman of Halo International, as non-executive chairman at the business.
Founded in January 2010 by managing director Roger Butterworth and director Kevin Charles, Zutux makes bespoke fitted kitchen and bedroom furniture as well as free-standing items.
Butterworth says the funds raised will allow the Manchester-headquartered company to grow its range of products for its business and online customers.
Joseph Bergin, head of the North West team at YFM Equity Partners, comments, ‘[YFM] has a strong track record of helping British manufacturers grow their businesses and increase jobs, even in challenging times. We are excited to work with Zutux as they are showing that the UK can make high quality products that can compete with the finest imported furniture and they are able to satisfy the requirements of UK retailers to compress the timing from order placement to delivery.’
The North West Fund for Development Capital is managed by YFM Equity Partners and is a sub-fund of the £185 million North West Fund that is managed by the European Regional Development Fund and the European Investment Bank.
Andy Leach, CEO of North West Business Finance, adds, ‘It is great to see a British manufacturer looking to expand its offering and capitalise on international growth opportunities through its online presence.
‘I’m certain that the experience and networks of YFM Equity Partners will prove invaluable in helping Zutux achieve its ambitious goals.’