Portadown textile firm eyes expansion
A Co Armagh company that provides cow and sheep skins and for use in fashion products including UGG boots is to take on 16 new staff and move into markets in Italy, Turkey and China.
Domestic Sheepskins has received a £500,000 loan to help boost international expansion plans and assist in its international expansion plans from the £50m Growth Loan Fund – which provides finance to established small to medium companies in Northern Ireland.
Domestic Sheepskins, a family-owned leather business based in Portadown for a decade, combines 50 years of expert management knowledge about the leather business and specialises in the preparation of cow hides and sheepskins for export to tanneries.
The firm currently exports over £2m of its products to China annually.
The Growth Loan Fund has been provided by Invest NI and private investor, Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC) and is delivered by WhiteRock Capital Partners LLP.
Domestic Sheepskins is the 30th firm to have received support from the fund, which to date has approved loans of over £7m to indigenous SMEs.
Yalcin Cubuk, owner of Domestic Sheepskins said that the support will be transformational.
"The team behind the Growth Loan Fund took the time to understand our company and what we do – their support will lend a dynamic new edge to our export strategy," he said.
"We're confident that this support from the Growth Loan Fund will enable us to move further up the value-chain, continue to develop our product range and create employment opportunities."