ThinCats, an alternative finance provider to mid-sized UK SMEs, has supported NorthEdge-backed TKC, a multi-channel supplier to the UK kitchen industry, with funding to accelerate the company’s growth plans.
Founded in 1989, Denton-based TKC is a leading, multi-channel B2B kitchen distributor, offering a wide range of classic, traditional, and contemporary components and complete kitchen solutions to independent kitchen retailers, trade merchants, and key retail partners.
Operating out of two sites in Greater Manchester, including a newly acquired 60,000 ft2 warehouse which has doubled operational footprint, and employing over 170 staff, the business offers market-leading supply lead times, and provides nationwide coverage via its own transport fleet of 20 branded trucks and a network of 3PL partners, supported by a range of delivery options.
Following investment from NorthEdge in 2015, the business has grown significantly, notably expanding its routes-to-market into complete kitchens from 2018, with market penetration underpinned by investment in technology, including the development of proprietary software, that allows users to choose, plan, design, visualise, price a kitchen, then order and track through an online portal.
The funding from ThinCats will be used to support continued investment in the company’s product offering, technology, infrastructure, and for future strategic acquisitions. The transaction was advised for ThinCats by Shoosmiths and FDD was provided by Cowgills.
Andy Helme, COO, TKC, said: “We are thrilled to be partnering with ThinCats as we look to accelerate delivery of our strategic growth plan. We are now blessed with the firepower to further invest in our product offering, infrastructure (as the new site testifies), and also targeted M&A activity. Throughout the process, the ThinCats team consistently demonstrated a detailed understanding of the business, its commercial drivers, and its growth objectives. It is also great to be continuing our journey with Simon alongside, a strong advocate of TKC since 2015.”
Allan Dunn, Portfolio Director, NorthEdge, added: “We have worked with TKC and the management team over a number of years, supporting them to deliver strong organic growth, invest in product development and technology, and expand the market channels in which the company operates. We are excited to be partnering with Simon Dixon and the team at ThinCats and look forward to working collectively to support TKC’s ongoing development, which will include both organic and acquisitive growth.”
Simon Dixon, ThinCats, commented: “We are delighted to be facilitating further growth at TKC which continues to disrupt the kitchen distribution market. It was fantastic to work with Andy and the expert team at TKC who have extensive industry knowledge and a clear vision for the future of the business. Together with NorthEdge they are building an amazing reputation for quality and added value, and we are excited to be a part of their next phase of growth.”
