Red Advertising plumps for growth with funding
A Cannock-based advertising business is aiming to double its workforce and quadruple turnover after securing £150,000 of investment.
Red Advertising, based in Kingswood Lakeside Business Park, obtained the cash from Leicestershire peer-to-peer lending group The Business Loan Network.
The company approached Steve Grice, business development manager at Ludgate Finance, a sponsor of The Business Loan Network to make a play for funding.
The investment will be used to help develop the company's online job advertising software and expand the number of employees to 24.
Red Advertising said it was also working towards growing its current turnover of £400,000 to £2m.
Richard Clarke, managing director at Red Advertising, said the firm approached Ludgate Finance after being turned down for support by six major high street banks.
"There is no getting away from it, market conditions are difficult for everyone at the moment," said Clarke.
"But all businesses are in the same scenario and you can stand still and remain low key or battle against the market conditions, like we have, and look to expand."
