The investment, facilitated by NPIF - BFS & MSIF Microfinance - a product fund managed by BFS in partnership with MSIF - is part of the Northern Powerhouse Investment Fund (NPIF) which recently announced its 100th deal.
Loxta was established in 2012 by founder and director Shaun Singh, who was driven to design his own range of door hardware products after extensive experience in the sector. Shaun has since developed over 100 product ranges using innovative design and manufacturing techniques that have enabled the business to deliver stronger products, softer contours and a wide variety of colours and finishes that are resilient and resistant to corrosion.
In response to increasing demand from its trade customers, which include interior designers, architects and ironmongers, Loxta will use the NPIF funding to design and manufacture high-quality architectural ironmongery and door hardware across its product ranges.
The company will also purchase additional stock and launch new products to spearhead its entrance into the export market for the first time in 2018, focusing on European and Middle Eastern markets.
Shaun originally contacted Boost, Lancashire’s Business Growth Hub looking for support and was introduced to funding options available at NPIF by Access to Finance Specialist Prakash Patel from A2F North West. Boost is also providing funded mentoring support to Shaun to help him manage the expansion.
Shaun Singh said: “We created Loxta to bring a new era of exceptional engineering to the interior hardware industry and BFS was immediately able to see the national and global potential of our products. We have immediately invested the funds in the development of a full range of new door fittings solution and as a result, we are able to really develop both our trade client base and our export strategy.”