Cheshire-based Frank Olsen Furniture, a designer and manufacturer of smart technology-integrated furniture, has secured £80,000 from NPIF II – GC Business Finance & River Capital Smaller Loans, which is managed by the consortium as part of the Northern Powerhouse Investment Fund II (NPIF II).
This latest investment represents the third round of funding provided to the team by GCBF.
Frank Olsen Furniture was founded by Charlie Graybrook in 2016, whereupon he set out to merge traditional furniture with technology to create unique pieces. He used a Start Up Loan from GC Business Finance (GCBF) in 2017 to get up and running, with the funding providing essential support to invest in initial stock. This support played a crucial role in transitioning from building prototypes in his garden workshop to manufacturing large-scale, high-quality products.
Since then, the business has launched several collections and introduced new integrated smart technology features, including an app-controlled system. Its SMART CLIC assembly features also purportedly enable its products to be assembled up to 10 times faster than traditional self-assembly furniture.
After achieving success as a start-up, and to take the business to its next stage of growth, Charlie secured an £25,000 loan from NPIF – River & GC Microfinance, which GC Business Finance (GCBF) managed in partnership with River Capital as part of the Northern Powerhouse Investment Fund (NPIF), to support Frank Olsen’s working capital needs. This allowed the business to grow without worrying about cash flow, which supported its expansion into more national retailers, such as Next, Dunelm and Argos.
The latest NPIF II funding has allowed Charlie to further invest in product development and focus on new markets, with the business recently signing distribution agreements in Canada and Australia.
Charlie says he remains committed to delivering further growth, and Frank Olsen Furniture’s recent move to its new headquarters has helped streamline its processes, with both stock and production facilities now occupying the same site. The business is also contributing to job creation in the North West by outsourcing contracts to other local businesses.
Charlie says: “What started as an idea and a dream has now grown into a great business with our collections sold in some of the UK’s biggest retailers. With GCBF’s continuous support, we have recently signed agreements with distributors to launch the Frank Olsen brand in Canada and Australia. GCBF’s funding has significantly bolstered our operations, helping us develop new, innovative products and expand into new markets, and we’re really excited to see how we can grow even more over the next couple of years.
Andy Nichols, investment manager at GC Business Finance, adds: “Charlie's strong entrepreneurial vision and innovative approach to product design are great to see and have been the driving force behind Frank Olsen’s remarkable growth. GCBF has supported Charlie since the early stages of his business, from start up all the way through to scaling internationally, so it's been amazing to support the team again on this deal. I’ll be keeping a keen eye on what exciting things the team gets up to next.”
Sue Barnard, senior investment manager at the British Business Bank, says: “As a Start Up Loan, NPIF I and now NPIF II recipient, British Business Bank funding has supported Charlie at all stages of his business journey. The success of Frank Olsen Furniture highlights the strength of the northern business environment and how it contributes to the UK’s economy. NPIF II exists to support innovative founders like Charlie that are creating jobs in the North West, while competing on a global level.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k-£2m and equity investment up to £5m to help a range of small- and medium-sized businesses to start up, scale up or stay ahead. The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
Pictured: Sue, Charlie and Andy
