A Glasgow-based high-end loudspeaker specialist has secured a funding line nearing the seven-figure mark as it prepares to launch new ranges and target overseas markets.
Fyne, created by former Tannoy workers, is set to launch three high-performance loudspeaker ranges, with products ranging from £200 to £24,000, and has pre-orders coming in from as far as in Asia.
MD Andrzej Sosna said: “Having the export finance team to support with our transactions takes away the administrative hassle of prompt debtor payments in multiple currencies, allowing us to focus on growth.”
Ronnie Stokes, corporate manager, Glasgow, at BFS, said: “Fyne Audio is an innovative new business with impressive industry backing and support. With the facility in place, it is an exciting time for [the business] and we look forward to seeing the positive impact it will have on growth.”
Craig Durnell, MD of export finance at BFS, also commented: “Although it has been suggested that the UK is experiencing a slowdown in export growth this year, our team is really bucking the trend with record levels of new business and opportunity. It is great to see that our expertise and appetite to support SME exporters like Fyne Audio is really penetrating the market”.