£75k asset finance facility supports Shetland knitwear firm’s growth

A Shetland-based knitwear business is expanding its production capacity and diversifying its offering after securing a £75,000 asset finance facility from Time Finance.

R.A.M Knitwear, a designer and manufacturer of bespoke knitted garments, has used the funding to purchase a new Shima Seiki knitting machine, enabling faster production and broader product development.

Based in Shetland, the company specialises in sustainable knitwear made from surplus luxury yarns, including merino wool, silk and lambswool. The investment marks a significant step forward for the business as it looks to scale operations while maintaining its focus on quality and sustainability.

The new machine is expected to increase efficiency and open up additional revenue opportunities. As part of its expansion, the company is moving into larger premises and plans to offer knitting workshops for both local residents and visiting tourists.

The timing of the investment is particularly significant, with the machine arriving ahead of the busy cruise season and the annual Shetland Wool Week, which draws visitors from around the world.

Roisin McAtamney, founder of R.A.M Knitwear, said the funding had been transformative for the business.

“This machine has been a lifesaver. This is the first time I’ve used asset finance to help fund my business, and while the prospect can be daunting at first, I’m so glad I did it,” she said. “To have the peace of mind of using a new machine has been so worthwhile, and the process was great.”

She added that the support from Time Finance made the experience straightforward and would encourage other business owners to consider asset finance as a funding option.

Andrew Maude, regional sales manager at Time Finance, said access to equipment finance can play a crucial role in enabling SMEs to grow.

“Businesses thrive when they have access to the equipment they need to grow, and we feel strongly at Time Finance that business owners should have access to the best equipment at affordable monthly repayments,” he said.

He added that the new knitting machine would help position the business for continued success as it expands its operations and offering.