A £200,000 CBILS-backed loan via SWIG Finance has been given to a Bristol-based renovation specialist to support its future growth plans. Over the last 12 months Missiato Design and Build has experienced a period of rapid expansion, and the loan was required to help with ashflow as the business transitions through this phase of growth.

Missiato has a team of tradesmen who undertake bespoke projects such as new build homes, interior and exterior renovations, loft conversions and landscaping. The business is led by Adamo Missiato and Luke Sperring, who have both enjoyed successful careers as tradesmen themselves. Missiato currently employs 20 staff and 15 sub-contractors, with a new administration role being created to support business growth. The business plans to create more jobs in the coming year.

“Due to the nature of our business, our cashflow can be complex. We work on multiple projects simultaneously and our material expense is high, which can skew our profit and loss statement. We knew we needed a lender who could look beyond the immediate figures and view the business as a whole, which is what SWIG Finance did,” said co-owner Adamo Missaito.

When the directors identified a need for external finance, they approached Jack Seymour of Pinnacle Business Finance, who connected them with community development finance institution (CDFI) SWIG.

“When I initially spoke to Adamo from Missiato Design and Build it was evident that he was very ambitious with a clear vision of how he wanted to grow the business,” said Jack Seymour. I worked closely with Adamo to get an In-depth understanding of how best to facilitate his requirements for funding. “SWIG’s CBILS loan was the ideal solution for Missiato Design so the business could continue to grow whilst fulfilling larger more complex works.”

SWIG Finance business manager, Jordan Berg, who worked with the business owners and their finance broker to secure the funding, added: “Missiato Design and Build has grown substantially over the last year with the pandemic playing a role in fuelling a surge for home improvement projects. The business has a solid order book for the year ahead and 2021 is set to be a record year for them.”