Our client Finance Yorkshire is investing £50m over five years in SMEs across Yorkshire and Humber.
One of its latest investments features a company behind the renowned Jive Bunny brand. Music Factory Entertainment Group, based in Wakefield, is set for growth following £1 million pound investment from Finance Yorkshire’s growth fund.
Music Factory was founded more than 30 years ago in Rotherham by John Pickles. The Music Factory boasts tens of millions of record sales, worldwide number one singles and a catalogue of 15,000 sound recordings, publishing rights and brands.
The family business is now headed by John’s son, executive chairman Andy who is joined in its management by his sisters Alison and Helen.
Finance Yorkshire’s investment from its growth fund has enabled the company to restructure, creating a group of associated businesses including Music Factory Recordings which will continue to distribute and optimise its catalogue worldwide.
Jive Bunny had three consecutive UK number one singles, 13 world-wide number one singles and a triple platinum album. The group’s music is still regularly streamed across platforms including You Tube and Spotify.
Andy said: “With Finance Yorkshire’s investment we can develop and grow our music catalogue in what is an exciting period for the music industry. The Jive Bunny brand is still going strong and we plan to optimise it across all platforms.”
The company has recently relocated to Tileyard North in Wakefield, taking a 2,500 sq ft space as one of the first anchor tenants in the creative hub. Andy said: “We are very proud of what we have achieved by starting out in Rotherham and still being based in Yorkshire. For that reason, we were very attracted to work with Finance Yorkshire and its team.”
As well as Music Factory Recordings, the company has launched Pure Music GO to provide gym and fitness operators with music services.
It also runs North Star 360, a training and development programme for young people keen to pursue careers in the music industry. Next month, North Star 360 is hosting a five-day summer camp providing students with hands-on, practical experience, taught by industry professionals with a wealth of expertise.
Alex McWhirter, chief executive of Finance Yorkshire, said: “Music Factory is a well-established and successful company which has stayed true to its Yorkshire roots. We are delighted to support the business in the next phase of its growth and its leading role in the region’s music and creative industries. It is particularly pleasing to see its investment in young people’s education through North Star 360.”
Finance Yorkshire’s growth fund is part of a wider regional business fund which is expected to provide more than £50m to SMEs over five years. Investment is also available from its seedcorn and business loans funds.