OakNorth Bank has provided a £4.6m loan alongside investment from Literacy Capital, the closed-end investment company focusing on supporting small, growing UK businesses.
Using finance from OakNorth Bank, Literacy Capital has invested in AluFold Direct, a leading fabricator of premium aluminium.
Literacy Capital was founded in 2017 by Paul and Richard Pindar, Literacy has completed an investment in AluFold Direct.
They also fabricate residential and commercial building products including bi-fold and sliding doors, windows and roof lanterns.
AluFold Direct was founded in 2013 by husband and wife Craig and Lorraine Miller who have since scaled over 100 employees.
Craig Miller, Chairman and Managing Director at AluFold Direct, said: “We’re excited to welcome Literacy Capital as our investor in AluFold. We look forward to benefiting from their experience to assist continuing to grow the business as we focus on broadening our product range and expanding capacity, taking full advantage of the market opportunity at hand.” Due to significant growth since the business was founded AluFold Direct has recently added a service manufacturing products for supply on larger scale projects.
The company has secured a significant level of orders and in the next few years looks to expand and invest in an additional site to meet high levels of demand.
Paul Pindar, Chairman and co-founder of Literacy Capital said: “We are delighted to complete our investment in AluFold Direct. Craig and Lorraine Miller have done a fantastic job founding and growing the business to its current size and we are excited to be working with Craig and the team to take advantage of the growing market amid increasing popularity for aluminium products across the country.
He added: “We pride ourselves on supporting UK growth companies, and have funds available to invest to support more entrepreneurs like Craig and Lorraine Miller in the future. We have worked with the team at OakNorth on several transactions in the past, so know that they’re a partner equally invested in supporting UK scale-ups, and that they’d be willing to take the time to understand a niche industry like this one.”