An events company has received a “large six-figure” investment from the EU-backed £40million Cornwall and Isles of Scilly Investment Fund.
The Wyldes - which organises music festivals, private functions and other events near Bude in Cornwall - is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF), which provides debt and equity finance from £25,000 to £2million to help growing small businesses across the South West.
The Wyldes hosts a music concerts at its farm with its main event, the Leopallooza Festival, having grown substantially year-on-year with attendance and revenues doubling in the past five years.
The event now attracts a line-up of top-quality music and comedy artists such as 2019 headliners Friendly Fires, The Vaccines, Feeder. The Wyldes co-founder Sam Dunnett said: “Over the past decade, Leopallooza has grown from a small event for our friends and family into one of the most successful festivals in the region.
“Obtaining finance for growth is crucial for us to succeed and achieve our goals, but it is not easy in this unique industry. We are thrilled to have secured this CIOSIF loan, which enables us to improve the site, invest in new equipment and increase and upskill our team.”
CIOSIF was set up in 2018 by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and operated by appointed fund managers FSE Group.
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly Local LEP and the Government.
Tim Williams, fund manager at the FSE Group, said: “It is difficult for any SME to grow without financial support and advice; CIOSIF can make a big difference in providing the funding required, which might not be readily available from traditional finance sources.
“The Wyldes has a strong team who have gained considerable experience in this niche sector and are ready to take the business to the next level. We are happy to be working with them through this next stage of growth.”
LEP non-executive director John Acornley, who chairs the CIOSIF advisory board, added: “The Wyldes has established itself as one of the premier events venues in Cornwall, attracting global acts and making a significant contribution to the cultural economy.
“Their use of local contractors means there is a direct benefit to local businesses from events and we’re pleased the fund has been able to support them.”
Lloyd Brina, senior manager at the British Business Bank, said: “This loan is helping The Wyldes to invest in their infrastructure and their team, which will underpin future events and future growth. It’s great news for music fans in Cornwall and beyond, and will boost the visitor economy.”
