A vinyl record maker in the North East is set to create 46 new jobs on the back of a £350,000 investment.
Demand for vinyl has soared over the last few years, with sales rising for the 14th year in a row last year to reach their highest level in three decades, while also accounting for 23% of all album sales.
Middlesbrough-based Press On Vinyl is capitalising on the growth, having opened its new pressing plant at the Tees-Advance Manufacturing Park (TeesAMP) in June 2021, where it has been fitting out its operation ever since.
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It pressed its first piece of vinyl at the end of January, and now plans for its two pressing machines to be in full production within the next few weeks, pressing as many as 50,000 records per month, focused on independent artists and labels, small-run releases, and local musicians.
New jobs are set to be created following a £350,000 investment from NPIF - FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF). The NPIF investment will be used to support working capital requirements through the start-up phase of the business.
David Todd, Press On Vinyl’s commercial director, said: “Due to the rise in demand for vinyl, pressing plants around the world are running at capacity, meaning smaller, independent artists are missing out. Our new business will prioritise local artists, which will make a huge difference to the Teesside music scene.
“This investment from FW Capital will support us as we launch this exciting new venture and create 46 jobs for the local economy. We are grateful to Keith and the NPIF - FW Capital team for the support.”
The deal was facilitated by Keith Charlton, FW Capital deputy fund manager. He said: “Press On Vinyl is a new business with an impressive management team that will open at an opportune time for vinyl sales. Vinyl records are expected to outsell CDs as a musical format this year for the first time since 1987, creating huge demand at pressing plants. This has led to a strong pipeline of business for Press On Vinyl.
“We are delighted to have played a role in the creation of this new company, which will bring 46 jobs to Tees Valley and will hugely benefit the local economy.”
Melanie Ellyard, at British Business Bank, said: “The Northern Powerhouse Investment Fund is committed to backing ambitious, growing business to reach their full potential. Thanks to NPIF investment businesses such as Press On Vinyl are able to scale up operations and create new jobs in their local communities. It’s an example of how access to finance can generate new opportunities for organisations across the Tees Valley and whole of the North of England.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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