• Thu. Jun 30th, 2022

Tap vinyl record maker to create 46 new jobs with £350,000 investment

A North East vinyl record maker is set to create 46 new jobs with a £350,000 investment.

Demand for vinyl has soared in recent years, with sales rising for the 14th straight year last year to their highest level in three decades, while accounting for 23% of all album sales.

Middlesbrough-based Press On Vinyl is capitalizing on growth, having opened its new pressing plant at Tees-Advance Manufacturing Park (TeesAMP) in June 2021, where it has been setting up operations ever since.

READ MORE: Find more manufacturing info here

It pressed its first piece of vinyl at the end of January and now expects its two pressing machines to be in full production in the coming weeks, pressing up to 50,000 records a month, focused on independent, small-run artists and labels. releases and local musicians.

New jobs are set to be created following a £350,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF). The NPIF investment will be used to meet working capital needs during the start-up phase of the business.

David Todd, Commercial Director of Press On Vinyl, said: “Due to the increase in demand for vinyl, pressing plants around the world are operating at full capacity which means smaller independent artists are missing out. Our new venture will give priority to local artists which will make a huge difference to the Teesside music scene.

“This investment from FW Capital will support us as we launch this exciting new venture and create 46 jobs for the local economy. We are grateful to Keith and the NPIF – FW Capital team for their support.

The deal was facilitated by Keith Charlton, assistant fund manager at FW Capital. He said: “Press On Vinyl is a new venture with an impressive management team that will open at an opportune time for vinyl sales. Vinyl records are expected to outsell CDs as a music format this year for the first time since 1987, creating huge demand at pressing plants. This has led to a strong business pipeline for Press On Vinyl.

Left to right: Danny Lowe and David Todd of Press on Vinyl with Keith Charlton of FW Capital. Photo: John Millard/UNP.

“We are delighted to have played a part in the creation of this new company, which will bring 46 jobs to Tees Valley and will greatly benefit the local economy.

Melanie Ellyard of the British Business Bank said: “The Northern Powerhouse Investment Fund is committed to supporting ambitious and growing businesses to reach their full potential. Through NPIF investments, companies like Press On Vinyl can expand their operations and create new jobs in their local communities. It is an example of how access to funding can generate new opportunities for organizations in the Tees Valley and across the North of England.

FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region, with a focus on the North West, Cumbria and Tees Valley.

The Northern Powerhouse Investment Fund project is financially supported by the European Union through funding from the European Regional Development Fund (ERDF) under the European Structural and Investment Funds Growth Program 2014-2020 and the European Bank of investment.

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