Manchester start-up business Ruk-bug has been successful in securing a £250,000 loan from The Greater Manchester Investment Fund.
Along with other match funding it has secured, the award means the children’s pushchair manufacturer Ruk-bug can move forward at pace to commercialise its first product, Migration.
The Greater Manchester Investment Fund is managed by the Greater Manchester Combined Authority and funded through the Government’s Regional Growth Fund. It is administered by Greater Manchester Local Enterprise Partnership with the aim of delivering the next phase of economic growth in the city region.
Ruk-bug’s Migration is described as a new generation of pushchair. Focusing on innovation, functionality, safety and style, Migration is said to be light, durable and easy to use. Ruk-bug say attention to detail is second to none, with the pushchair providing solutions to problems parents may have faced with previous pushchairs in the past, with the likes of an anti-tip frame, single hand fold and puncture proof tyres all part of Migration’s USP.
With the funding now in place, Ruk-bug’s Managing Director Russell Clifton anticipates the creation of 40+ jobs in the Greater Manchester area, with additional jobs nationwide in the manufacturing sector.
“We’re understandably delighted to have secured both the funding from the Greater Manchester Investment Team and the necessary match funding to move the business forward. The last few years we’ve made great strides in the industry, and received overwhelming feedback for Migration from the numerous Trade shows we’ve attended. We’re now in a position to take the product through to manufacturing, and on the shelves and available for purchase in early 2014. It’s an incredibly exciting time for the company and we can’t wait to see what the next few months bring.”
Sir Richard Leese, leader of Manchester City Council, said: “We are pleased to be in a position to support entrepreneurship in Manchester and to support ambitious companies such as Ruk-bug as they grow and create jobs in the city. I hope they will go from strength to strength in the coming years.”
Mike Blackburn, chair of the Greater Manchester Local Enterprise Partnership, said: “The Greater Manchester Investment Fund supports projects that drive economic growth and jobs. The board was impressed with Ruk-bug’s ambitious plans for growth and, as such, was delighted to approve this loan on behalf of the Greater Manchester Combined Authority.”