Manchester’s Grey Box Studio to expand with £100k funding

Manchester-based Grey Box Studio Ltd has secured £100k of funding to create six jobs and drive its mission of becoming the UK’s top creative content agency.

The firm was awarded £50k from Barclays Bank and a further £50k from the Northern Powerhouse Investment Fund (NPIF) – BFS & MSIF Microfinance.

Established in 2014 by directors Simon Grimley and Lindsy Agana, Grey Box provides creative content and photographic services primarily for the fashion sector, with clients including Matalan, Joules Clothing and Cotton Traders.

The company, which employs a team of four at its studio in Ardwick, will use the six-figure investment to develop a 6,000 sq ft premises in Salford, diversify into food and drink photography and grow its team to 10 by the end of 2017.

Director Simon said: “Our goal is to become the number one creative content agency in the UK and securing this loan from Northern Powerhouse Investment Fund and Barclays gives us just the injection of investment we need to take our growth to the next level.

“The retail marketplace today demands that brands are represented by the very best quality imagery which is exactly what we deliver for our clients.”

He continued: “Our reputation for excellence, results and hard work speaks for itself and we look forward to the next phase of our growth which will see us expanding into other sectors, doubling our team and launching state of the art new premises.”

NPIF - BFS & MSIF Microfinance, a £10m fund, offers loans of between £25k and £100k to North West SMEs. It is managed by funding providers Business Finance Solutions (BFS) and MSIF.

BFS director Paul Breen said: “Grey Box is a highly innovative and ambitious company that was unable to secure the full amount of funding they needed from the bank.

“Our relationship with Barclays meant that we could partner with them to create a co-funded option with Northern Powerhouse Investment Fund that enables Simon and Lindsy to secure the investment and the confidence they need to build on their reputation and to grow in a local, national and global marketplace.”

He continued: “This loan also illustrates the proactive and synergetic SME support structure that we now have in place in Greater Manchester. Grey Box was originally referred to us by the Business Growth Hub’s Access to Finance service.

“Working in partnership with private sector partners like Barclays and the Growth Hubs, allows us to offer an even wider and more flexible choice of alternative finance to the region’s businesses.”

British Business Bank director Grant Peggie commented: “The North is brimming with small businesses that have the capability to compete with the biggest players in their respective sectors.

“Grey Box is a great example of an ambitious company with the expertise to become one of the largest agencies in the country, and this funding will act as an important step in supporting the company as it continues to grow.”

Michael Curran, business manager at Barclays, said: “This is a great business and strong management team, which is well placed to achieve significant growth.

“The close relationship we’ve developed helps us to understand the key drivers for the business which, in turn, has enabled us to deliver a funding solution that fully satisfies their ongoing requirements.”

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