A £300,000 cash injection is set to help a velvet firm open the door to a profit goldmine!
Three major investment funds have ploughed money into Red Rose Velvets to help it develop its markets across the world.
The Lancashire County Fund and the Rosebud Fund have between them invested £150,000 in the Accrington firm, with similar funding coming from the United Utilities Venture Fund.
The new investment is helping the Royal Mill-based firm invest in new state of the art looms to help the firm take advantage of a unique technique of printing on to velvet.
"Without the investment we would not have been able to buy the new tecnology to expand into the luxury side of the market and develop products for use in upholstery and furnishings," said managing director Joe Scholes.
"Red Rose Velvets is typical of the type of business we want to support," said Frank McKenna, deputy leader of Lancashire County Council which backs the Lancashire County Fund and the Rosebud Fund.
The United Utilities Venture Fund is backed by the firm which owns Norweb and North West Water.
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