Creative content and photography business, Greybox Studio is expected to double its turnover, a year after receiving £100k in funding.
The cash helped the firm develop its new 6,000sq ft Manchester studio at Capital & Centric’s Foundry and also more than doubling its headcount to 10.
The investment package, in July last year, was made up of £50k from each of Barclays Bank and NPIF – BFS & MSIF Microfinance.
“The funding we received from NPIF and Barclays has been invaluable to the direction of our business. It allowed us to recruit a highly skilled and motivated team. The move to our new studio has added a much greater level of professionalism to our service and has allowed us to accommodate a huge uplift in business which has seen us build our client base into new sectors,” explained founder and director, Simon Grimley.
“The growth which has followed, both across our team and financially, has been very pleasing and has put us on a trajectory that we hope will help us to achieve our ultimate aim of becoming the number one creative content agency in the UK.”
Grimley expects revenues to double to £500k following the investment.
“I liked the business straight away, and wanted to work with the GreyBox team to provide the extra support they needed to help get them to the next level. After 15 months we can now see that progression, which is exactly what these funds were designed to do,” added Mark Gibbons, senior loan manager at Business Finance Solutions.