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Damson tunes in to accelerator funding
A YORK-based speaker company is positioned to expand its product range and explore new markets after securing funding to the tune of £825,000.
Damson Ltd, which specialises in the design and manufacture of portable speakers from its base in Great North Way at York Business Park, has been awarded the funding from Finance Yorkshire.
Prior to its successful funding bid Damson worked with York accountants Garbutt & Elliott to ensure it was “investor ready”.
Utilising funding from Access to Finance, under the Government’s GrowthAccelerator scheme, Garbutt & Elliot specialists were able to work with Damson on preparing a finance model, assisting with the business plan, analysing and testing underlying assumptions, and producing a presentation.
Martin Poole, an approved Access to Finance coach at Garbutt & Elliott, said: “We were introduced to Damson by Finance Yorkshire, as the company needed assistance with their business plan and financial forecasts to become investor ready.
“Using funding from the GrowthAccelerator scheme, we were able to work with Damson to get to a stage where the investment opportunity was represented to Finance Yorkshire. The business case presented allowed Finance Yorkshire to offer funding to Damson.
“This is a resounding endorsement of what the GrowthAccelerator scheme can achieve.
“We were able to give Damson high-quality advice over a five-day period, for which they paid only £600. The rest came from the GrowthAccelerator initiative subsidy.”
Mr Poole is working with Garbutt & Elliot partner Jeremy Oliver to organise a series of seminars this autumn around the topic of business growth to which all businesses planning expansion and growth are welcome.
The first, entitled Six Steps to Building a Better Business, is being held tomorrow from 8.30am to11.00am at Garbutt & Elliott’s York office, Arabesque House in Monks Cross Drive, Huntington.
Speaking of his work with Damson, Mr Poole said: “Damson is a Yorkshire success story. It is a young company, which is quickly establishing a reputation for new and exciting high-quality products.
“We were pleased to be able to support a business which is exploring new markets overseas while at the same time remaining loyal to its roots and developing further employment opportunities right here in our region.”
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