Funding boost to spark expansion

A POTTERY firm is planning to expand after securing extra funding.

Hudsons Fine Bone China, in Longton, was created last year by the former management of the manufacturer Hudson & Middleton, which fell into administration.

It was provided with £75,000 of funding from the finance firm Davenham Trade Finance. And now the asset-based lender has agreed to expand the amount by 10 per cent, or £7,500, following a successful 12-month trading period.

Directors at Hudsons Fine Bone China say this gives them additional capital to introduce new designs.

Operating director Mike Deaville, pictured, said: "A year on, we have met our targets and secured the jobs and we are delighted that Davenham continues to back our plans.

"By providing additional working capital we can open up new markets and create even more jobs."

Hudson & Middleton was founded in 1875, but fell into administration in January last year after former sister company Jesse Shirley & Son was hit by a drop in sales following the collapse of Barlaston pottery giant Wedgwood.

A total of 19 workers were axed before the company was sold to Hudsons Fine Bone China, saving 22 jobs. It sells a range of fine bone china mugs.

Peter Wilbraham, of Davenham Trade Finance, in Birmingham, arranged the initial deal and the additional funding.

It was made available as part of an invoice finance facility, where firms borrow money against the value of an invoice.

They can get a percentage of an invoice value as soon as it is raised so that they don't have to wait to be paid by the customer. The £7,500 is an expansion of that facility.

Mr Wilbraham said: "Hudsons has proved over the last 12 months that it can not only survive, but prosper in the current economic climate.

"It has been manufacturing on the same site for 135 years and has built up an enviable reputation."

Sue Evans, chief executive of the Ceramic Industry Forum, said: "This is the type of business support the pottery industry needs."