Ricosta Capital, a Midlands-based non-bank funding and financial services provider, has announced a record set of financial results at a time when many small businesses are still struggling to recover from the lockdown drought brought about by Covid 19.
Richard Mason, director of Ricosta Capital, said: “We were stunned by the number of businesses seeking funding for new initiatives in this quarter, and this could be the harbinger of better times to come for SMEs and the economy in general."
For the second quarter of the year, Ricosta Capital reported an 100% increase in turnover over the same period the previous year, at a time when many other businesses were struggling to recover from the turmoil brought about by Brexit and the Covid 19 pandemic.
Ricosta also confirmed that it is fulfilling its vision to broaden its business focus by concentrating on helping SMEs create generic value rather than simply raising funds, a vision it announced when the company changed its name to Ricosta Capital in January 2021.
Richard said: “In the previous 12 months, Ricosta has worked with a plethora of clients from different sectors including construction, recruitment companies, eyewear manufacturers, financial services and the sustainable and environmental green sector."
In total, over the last 12 months Ricosta raised £15m funding for businesses throughout the Midlands. Richard said: “In the second quarter, Ricosta completed two significant deals, enabling one business to start a new division and another which boosted its profitability.
“While many businesses are experiencing trading difficulties, Ricosta has seen a slew of new opportunities in niche sectors. Right now the economy is predictably unpredictable as businesses, particularly those in the manufacturing and construction sectors, seek to maximise funding opportunities.”
