A Cumbrian firm has committed £1 million of investment so it can drive its growth.
Citrus-Lime, based in Ulverston, has been given a £750,000 boost by the Northern Powerhouse Investment Fund and will use £300,000 of its own cash for its plans.
The retail systems provider secured the £750,000 loan from NPIF – FW Capital Debt Finance, managed by FW Capital and is part of the Northern Powerhouse Investment Fund.
Citrus-Lime, which also has a base in Manchester, is one of the leading suppliers of cloud-based EPOS systems in the UK. It provides an end-to-end software solution to independent cycle, outdoor and equestrian retailers.
To date, it has processed £2 billion of clients’ revenue through its market-leading cloud POS platform.
It also supplies cloud POS to retailers in Ireland, Spain and Germany. In 2022, cloud POS launched in America and has since been adopted by a number of US cycle retailers.
Neil Wright, director at Citrus-Lime, said: “The funding received from NPIF and FW Capital will facilitate further investment in our technology. It will also be invested in growing the talent pool at Citrus-Lime. Both will improve our standing in the UK retail technology market.
“In addition to the NPIF – FW Capital’s investment, we’ve committed £300,000 of our own money to help our plans come to fruition.
“This is an exciting time for Citrus-Lime. We’ve gone from a very humble beginning to a multi-million-pound business and we don’t intend to stop there. We have huge ambitions and the investment will secure the next stage of our development.”
The investment was provided by Andy Traynor, senior investment executive at FW Capital. Jennifer Grabowski at Oglethorpe, Sturton & Gillibrand introduced the Citrus-Lime management team to FW Capital.
Mr Traynor added: “Citrus-Lime is a fantastic company that is driving innovation in its sector that is supported with its ambitious growth plans.
“This investment demonstrates how funding from NPIF and FW Capital can make a real and measurable difference to businesses in Cumbria.
“We can provide funding to software and IP rich companies that don’t have tangible assets to lend against which can have a significant impact on future growth in this sector and in turn helps create a more prosperous regional economy.”
Steve Curl, Cumbria-based member of NPIF’s strategic oversight board, said: “As the leading supplier of cloud-based EPOS systems in the UK, Citrus-Lime has continuously demonstrated its ability to drive innovation.
“This investment will not only fuel the company’s UK growth but also contribute to the overall advancement and resilience of the technology industry, both domestically and internationally. We are proud to support Citrus-Lime’s vision and believe this infusion of funds will fuel their continued success as they shape the future of retail technology.”
NPIF – FW Capital Debt Finance is managed by FW Capital and part of the Northern Powerhouse Investment Fund. It can provide loans in the NPIF region with a focus on Cumbria, Cheshire, Greater Manchester, Lancashire, Merseyside and the Tees Valley.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
