The Sheffield-based IT consultancy Marjolo has secured a £200,000 revolving credit facility from Growth Lending that will support the firm’s rapid growth.
The funding, arranged under the government’s Coronavirus Business Interruption Loan Scheme (CBILS), will ease the company’s working capital, enabling Marjolo to realise a substantial pipeline of new work, branch out into new markets and expand its team.
Established in 2015, the firm is a digital transformation and automation specialist that operates in both the private and public sectors, with previous clients having included Autoglass and HM Revenue & Customs.
The outbreak of the Covid-19 pandemic in early 2020 deprived Marjolo of nearly £1m in revenue from hospitality and retail clients that were brought on board in 2019. But thanks to strong relationships with long-established customers and a rapid growth in new business in 2021, Marjolo is on track to double in size this year.
Growth Lending’s regional director Tom Seymour has been impressed by the company’s ethos. “It was clear that the team had a solid vision and values we could buy into,” he says. “Working with them has been straightforward, and this will be an exciting client to watch as the business grows rapidly in the coming months.”
The company’s founder, Dave King, who was introduced to Growth Lending by a broker, was keen to work with a lender that could tailor its funding to support the business for a number of years.
He says: “Growth Lending has been so easy to work with: the team understands us and the growth we want to achieve. Funding can seem complex, but they are able to explain their products in a way that anyone can understand. I feel very lucky to work with a funder like Tom and hope to have him alongside us as our growth continues through the decade.”
• Find out more about Growth Lending’s revolving credit facilities here