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8th October 2007
MBO hooks successful business
A well-established and successful business that specialises in supplying a wide range of frozen bait for anglers, and fish food to sealife centres and oceanariums has been the subject of an MBO.
The company, Ammodytes Limited in St. Ives, was established by Malcolm Gilbert who after over 30 years of developing and running this busy business has decided to retire. After no suitable buyers were found on the open market, the husband and wife team of Ian and Michelle Tyldesley decided to attempt a Management Buy Out. The MBO was successfully completed with the support of James Orpin from Stephen & Scown, John Peters from South West Investment Group and Christopher Bowring from Lloyds TSB.
Ammodytes originally caught, froze and sold sandeels, but the offering has expanded to include other sources of bait such as locally caught handline mackerel, whiting, haddock and sprats. The bait is processed and frozen at the Ammodytes factory in St Ives before being sold throughout the UK, Ireland and Europe, to a variety of customers such as angling and bait shops, aquariums, and sealife centres. Recently their bait has even been exported to Dubai as fish food for the aquarium at the base of the Burj Al Arab Hotel, which is widely acknowledged as the best hotel in the world.
Ian has been involved with the business for over 25 years (in fact it was first set-up by Malcolm in the back garden of Ian’s parents’ home). As a schoolboy Ian was a part-time bait packer and later became skipper of the bait boat before becoming the production manager – a position he has now held for five years. Ian’s first-hand experience with the production and distribution side of the company will be invaluable to maintain Ammodytes’s high standards. The administrative side will be headed by Michelle, who has a wealth of management and organisational experience to bring to the business (including the set-up and management of the UK division of one of Europe’s largest menswear manufacturers). They will be supported by the existing well-established and extremely capable office and production teams.
Ian and Michelle hope to expand the business, which currently employs 12 members of staff plus seasonal workers, as well as self-employed fishermen who catch the sandeels and mackerel. Plans include moves to encourage and facilitate all year round trade, and increasing and improving the factory’s space. A more interactive website is also planned.
Said Michelle: “This was a big step for us, without the support and guidance of James Orpin and Christopher Bowring we would have been totally lost. Chris helped to bring things together and James really knows his stuff, knew what he was doing and made it easy for us. Our thanks also go to John Peters at SWIG and David Goodman at Kitchen & Brown Chartered Accountants for their much valued assistance. If we were mad enough to do this sort of thing again – we would have no hesitation in using exactly the same team.”
James Orpin, Partner at Stephens & Scown commented: “Ammodytes is an excellent example of local business that has secured a successful niche for itself. We wish Ian and Michelle well with the continued development of the business.”
John Peters, Cornwall fund manager at SWIG, commented: “The Tyldesleys are ideally suited to taking over this fantastic local business. It is good news for jobs and the St. Ives economy and very appropriate that our Objective One-backed funds should be used in this way.”
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3rd May 2007
SWIG funding integral to Cornish print company's growth strategy
A Cornish print company that is at the forefront of the emerging digital and variable data print industry is looking forward to an even brighter future after securing essential funding from South West Investment Group (SWIG).
Integral Print Services (iPrint), formerly Falmouth Print Group, received the £50,000 loan from SWIG as part of a wider finance package, enabling it to move to brand new premises at Carn Brea Business Park, Pool and purchase new equipment to keep up with demand for its services from a growing worldwide customer base.
Having developed a bespoke on-line Print Management System combined with its print services, iPrint customers are now able to view, change, order and monitor the production of their print items from anywhere in the world 24 hours a day.
The development of this system has put iPrint at the forefront of this developing sector of the print industry and has not only led to the company building a growing global customer base but also seen growing numbers of South West based businesses making use of the innovative service.
With the company requiring larger premises and more print machinery to meet demand,iPrint’s MD Bob Russell was introduced to South West Investment Group by Lloyds TSB Business Banking Manager Nick Rawley to help fill the funding gap.
Mr Russell said We saw the potential that the on-line print management system gave us and our customers and invested a great deal of time and money to develop it. The result was two fold - we can now spend more time working with our clients initially to determine their needs and less time on the general administration side as our customers are able to view, amend and order print items from their own offices when it is convenient for them – whether they are five minutes down the road or 5,000 miles away.
The result was that we outgrew our premises as we needed more space and equipment to keep up with demand. Nick Rawley, who was helping us put our finance package together, introduced us to SWIG.
We found the whole process very straight forward and SWIG were able to come up with a viable package that has made a massive difference to what we have been able to achieve, including the move to our new premises and the purchase of new digital printing equipment,” said Mr Russell.
As a result of the funding, iPrint now hopes to further expand its workforce over the coming months.
SWIG Fund Manager John Peters believes the Objective One- backed funding from its Cornwall Business Growth Fund will take the business onto even greater heights.
It was clear that Bob and his team had invested a great deal of time and effort in developing some highly innovative and effective printing solutions for their clients which were enabling them to increasingly looking towards a global marketplace. This development therefore has great potential for growth and the creation of skilled jobs locally, making it ideally suited to our type of funding.” said Mr Peters.
We are very much looking forward to seeing the benefits of our investment as iPrint moves into its next stage of growth,” he added.
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5th January 2007
SWIG funding gives Powercats the perfect launch at London Boat Show
A Cornish boat manufacturer is planning to make major waves at the London Boat Show after securing over £40,000 of support from the region’s leading small business gap funding provider South West Investment Group (SWIG).
Powercats Ltd, which manufactures a range of twin hulled, twin engined catamarans from its factory in Redruth is hoping to attract a great deal of attention and interest from visitors at the UK’s premier boat show at Earls Court which opened on January 5th and runs until Sunday, January 14th.
The company will use the funding from SWIG’s Cornwall Business Growth Fund to help market the boats throughout the UK, undertake further product development and improve their premises.
“The London Boat Show is a major opportunity for us to take Powercat to the thousands of boat enthusiasts who will attend, enabling us to show the benefits that Powercat has over traditional craft such a RIBS.
“The SWIG funding has really enabled us to review and improve the way we market Powercats, enabling us to create a new website, brochure, DVD and attend the London Boat Show itself. It is a very exciting time for the company and the SWIG funding is and will continue, to play a central role in our success,” said Powercats Director Matt McLeod.
Highly maneuverable, the twin hulled, twin-engined craft, which were originally designed to work in and around the often treacherous waters that surround the Isles of Scilly, provide unrivalled levels of safety, ride and smooth performance with the added benefit of abundant space for family, friends and equipment.
In addition to its open deck family Powercat, the company has also launched version for sea fishing enthusiasts with a front cabin and a commercial Powercat, which is already being used by organisations such as the Environment Agency.
The company has previously benefited from SWIG funding. According to John Peters, SWIG Fund Manager, this latest round of funding should enable Powercats go onto even greater things.
“This is the second funding stream that Powercats has drawn down and we are delighted that it will enable the business to go forward at greater pace. Powercat has become the UK’s leading small powered catamaran manufacturer and clearly from their experience at the London Boat Show and the fact more organisations such as the Environment Agency are using their craft, the future is looking bright.
“A Cornish company with its roots in the Isles of Scilly which is now making a successful transition into the national marine market, which will undoubtedly create the opportunity for new jobs to be created in the county, we are delighted to have been able to provide the springboard needed for the company to prosper,” said Mr Peters.
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15th December 2006
Firm foundations in place for dolls house manufacturer
A unique Cornish business that produces beautifully detailed dolls houses which are sold throughout the UK and internationally is facing a bright future after securing vital funding from South West Investment Group.
The Dolls House Builder, which was created by former lorry driver Mark Wilcox 6 years ago after he brought and built a dolls house for his daughter, secured an interest free loan of £9,000 from SWIG, enabling the purchase of vital CNC machinery to produce all the elements of its houses ‘in house’.
Before receiving the funding, the company, which is based in Liskeard, had to outsource the production of the separate parts of its dolls house to a company in the West Midlands, reducing its profitability and productivity.
With everything from country Manor houses and Victorian shops to a Spanish Villa all produced in the most fantastic detail, the company is growing a reputation for high quality.
According to Mark, since securing the funding and being able to bring in its own CNC machinery, the business has gone from strength to strength.
“The CNC machinery has been a fantastic development for the business which has enabled us to bring all production in house, increase productivity and improve the levels of service and choice we can offer our customers.
“We knew the benefits that the machinery would bring, but it was a significant investment which we could just not meet on our own. We approached Ian Riddle at Enterprise Tamar and he helped us put together an application to SWIG which was successful, enabling us to purchase the machinery and computer equipment to run it,” said Mark.
The Dolls House Builder, one of only a handful of hand made dolls house builders in the UK, is now building a customer base stretching across the UK and internationally. After building the houses, which can cost anything from under £100 to several thousand pounds, Mark delivers them in person, ensuring they reach their destination safely.
“From day one we have placed a great deal of emphasis on customer service. Now we have the CNC machinery we have been able to increase this further and are reaping the rewards with growing demand for our products,” said Mark, who is planning to take on
extra staff in the New Year to cope with the increased levels of business.
John Peters, Fund Manager at South West Investment Group hopes the funding will now provide the company with the foundations on which to expand.
“We are delighted to have been able to provide support for a Cornish company which is not only developing a growing national customer base but also a reputation for excellence,” said Mr Peters.
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20th October 2006
SWIG funding fans the flames of success for Penryn Company
A Penryn company that specialises in providing fire suppression equipment for the international marine industry is going from strength to strength after receiving help from South West Investment Group (SWIG).
Ocean Engineering has doubled its workforce as demand for its services has grown following a £15,000 interest-free loan from SWIG, which enabled the company to move to larger premises and secure professional standards necessary for further growth.
Now the company, which specialises in the design, manufacture, installation, testing and servicing of fire suppression systems for a wide range of marine vessels is looking forward to continued growth.
Company Director Paul Posthill said the funding from SWIG was essential to enable the move to larger premises, which in turn enabled the company to apply for and secure professional standards such as Lloyds Register Quality Assured 9001, DNV Service Supplier and
Lloyds Register Supplier Services approved.
“We knew that if our business was to start to realise its true potential we needed to move to bigger premises and buy new equipment to enable us to apply for and get the professional standards required for further growth.
“We discussed our requirements with SWIG and they were excellent in understanding our needs and helping deliver the finance package that enabled the move to take place.
“As a result we have been able to double the workforce, increase the services we can provide and build our customer base,” said Mr Posthill who set the company up in January 2004 and runs it with fellow director Errol Hopkins.
According to SWIG Fund manager John Peters the £15,000 funding has quickly had a positive effect on helping to grow a Cornish business that would otherwise have found it hard to expand.
“Ocean Engineering is one of only a few businesses of its kind in the UK which provides a full fire suppression service, from design through to installation and servicing and is building an international reputation for its quality throughout the marine industry. We are delighted that
the funding we have put in place has enabled them to increase their business, premises, standards and workforce,” said Mr Peters.
With offices in Truro and Exeter, SWIG is the South West’s largest provider of complementary loan finance for small and medium sized businesses in the South West, and has invested £7 million into over 650 businesses, helping to create over 1,300 jobs in the region.
For more information on its range of funding, visit www.southwestinvestmentgroup.co.uk or contact SWIG on 01872 223883 or 01392 314603.
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31st August 2006
Aerospace take-off for Redruth firm
A Redruth engineering firm has announced a £350,000 investment programme for expansion into new markets, including aerospace, with six new jobs and a forecast sales increase of 40 per cent over the next three years.
Welding Electrode Store Ltd (WES) is currently 80 per cent reliant on the automotive sector, but aerospace, defence and medical are among key sectors that it will now target with advanced engineering products.
The aim is to drive advanced engineering sales up to 40 per cent of total turnover over the next five years. The project has been made possible with a funding package co-ordinated by Truro-based chartered accountants Bishop Fleming.
It includes an £83,000 grant from the South West of England Regional Development Agency (RDA), a £50,000 loan from the South West Investment Group (SWIG) and funding support through HSBC Bank and Sterling Capital.
The WES spending programme includes purchase of a CNC lathe, a CNC twin pallet machining centre, an Agie spark eroder, new business and production software and the erection of increased office space, a training room and a sterile finishing room.
The company, based on the Treleigh Industrial Estate, is one of the leading suppliers of resistance welding consumables to the UK automotive industry.
“WES is a modern day example of Cornwall’s engineering heritage,” said Ewan McClymont, Bishop Fleming business development manager. “A lot of traditional Cornish industry has been lost in the Redruth area, but here is one survivor who is driving forward into the future with diversification into the likes of aerospace!”
WES managing director Andrew Hosking commented: “Faced with increasing pressure to cut costs in the automotive sector, we have gradually steered the company towards advanced engineering and we are already building a strong reputation here. As well as creating six new jobs, the investment will also help protect our existing 29 employees.”
Mr Hosking said the greater diversification would be made possible not only by the funding package but also with assistance from Cornwall Aerospace and Defence Initiative, to which WES is a major contributor, and West of England Aerospace Forum, a SWRDA-funded initiative.
SWIG fund manager John Peters commented: “We are delighted that our Objective One – backed funding will help WES to further expand into key new markets and be more competitive.”
Valuable input had also come from Business Link. Colin Sawer, financial advice for business manager, said: “We are pleased to have been involved in liaison with all parties in structuring this deal”.
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24th July 2006
South West Investment Group celebrates milestone
An organisation set up to boost small business in the South West is celebrating an “incredible” 10th anniversary.
Since launching its first loan scheme in 1996 the South West Investment Group – SWIG – has invested more than £6.5million in over 600 small and medium sized enterprises in the region.
In that time SWIG, which has offices in Exeter and Truro, has also helped create over 1,200 new jobs, becoming the region’s biggest provider of complementary loan finance in the process.
The not-for-profit-company, set up in 1989, concentrates its support on potential rather than track record or security – providing both start-ups and established businesses with vital cash injections where traditional sources of finance such as banks may be limited.
SWIG Managing Director Peter Casey believes the gap funding SWIG has provided over the past decade has been the key for hundreds of entrepreneurs to start businesses and already established businesses to grow and develop.
“In the last 10 years we have achieved an incredible amount in the South West and I think we deserve to be proud of that. We started with a very small loan fund that was one of the first of its kind anywhere. Now, to have helped over 600 businesses to generate more than 1,200 jobs, bringing millions of pounds into the regional economy, is testament to just how successful we have been.
“The South West region has become an incredibly vibrant business community with a great deal of creativity, enthusiasm and knowledge. What we have been able to do is provide the gap funding to support this.
“From modest beginnings we have accessed new streams of public and private sector finance which, with careful management, have allowed us to develop a range of funding options for businesses across the South West.
“In the past 10 years we’ve helped hundreds of entrepreneurs open up new horizons by not only supporting a huge variety of start-up and early-stage enterprises across the region, but also by assisting established businesses that were struggling to find the funding they needed to further grow.” said Mr Casey.
He added that a crucial factor in SWIG’s success had been the support of key partners and the expertise of the region’s public and private sector business intermediaries, through which the finance is accessed.
Funds are delivered in collaboration with Business Link and the wider business advisory network, and applications are accepted only through recognised intermediaries.
“It’s truly remarkable to think that these loan funds have been going for 10 years and proves that there is a real market need for the type of gap funding we provide. It’s hugely rewarding to have been involved in so many success stories and we look forward to being a part of so many more to come,” added Mr. Case.
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24th July 2006
Beran's global success story
Sophisticated technology that plays a vital role in international industry globally is developed and distributed from Beran Instruments on the Hatchmoor Industrial Estate in Torrington, Devon.
The company, which designs and manufactures a range of condition monitoring and calibration systems for the utility, aerospace and automotive industries, has enjoyed global success, supported by funding from SWIG since 1998.
Total investment in the company, which has recently received approval for a further loan from SWIG, has so far reached £150,000.
The funding has helped Beran to achieve a turnover of £5million-plus, take on extra staff, and invest in new equipment to further develop its sophisticated range of products.
Beran’s Condition monitoring systems for rotating machinery are now used by numerous world-wide power generation giants including coal, oil, gas-fired, nuclear and hydro.
Transducer calibration systems are in service with a host of European and USA aerospace, automotive and power-generation companies, and Beran’s unique frequency response analysers are employed in the verification of aircraft and missile control systems.
Beran’s managing director, Andy Lobato, says gap-funding from SWIG has been vital in enabling his company to research and exploit fresh markets, develop new products, build its international network of agents, and increase turnover and staff numbers.
He says: “Since our formation in 1984 three fundamental goals have dominated our direction – exceptional quality, innovation and service.
“By having faith in us and demonstrating that faith by advancing funds when they were most required, SWIG has helped us to achieve those goals and to reap the rewards in enhanced reputation, profit and growth.
“The support we have received from SWIG on an ongoing basis has been a fundamental part of our success. Through hard work, good people and essential funding we have been able to produce a company that is working in a truly global marketplace,” said Mr Lobato.
SWIG’s managing director, Peter Casey, says he was impressed from the very beginning by Beran’s clear-cut business philosophy.
“It has made its mark in the world in a very effective manner”, he adds, “and is another SME success story of which the South West region can be very proud.”
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24th July 2006
SWIG furnishes success at Rozen
From starting out in a former pigsty, Rozen Furniture has expanded into a £1-million business with a big reputation and a bright future.
Surroundings weren’t important to partners Ian Cox and Alan Pearce as they worked round-the-clock to get their Helston-based business off the ground.
Their only ambition when they set out in 1985 was to establish an unrivalled name for making bespoke furniture of the finest quality.
Skill and application paid off, orders and prestige grew, and from a two-man band in a pigsty they moved to a converted farm building and a 13-strong team that includes some of the region’s finest designers, cabinet makers and craftsmen.
Today, from their present headquarters in Ruan Minor, Helston, they supply not only the whole of the South West but some of London’s leading retailers.
From the stylish emporia of Heals, Nordic Style and Teed Interiors, Rozen’s made-to-order furniture and kitchens, ranging from sumptuous dining suites to home-office cabinets and elegant storage cupboards, grace homes all over the UK and abroad.
A big part of Rozen’s success, says Ian, goes to the assistance the company has had from SWIG. Rozen was one of the first companies to receive a SWIG loan in 1996 with a sum of £15,000 towards expansion costs, and the company again received a SWIG loan of £27,650 in 2001 for its next stage of growth which has seen Rozen more than double its turnover to around the £1million mark.
He says: “The help we got from SWIG was essential in enabling us to take that extra step forward, to build on the momentum we had established.
“In particular, the money we borrowed was pivotal in securing our very important business with Heals.
“It meant we were able to purchase sophisticated, computerised equipment that enabled us to drill and profile material to the most exact results, providing the quality and consistency of craftsmanship on which their, and our, reputation is built.“
As to the future – “We are busy at the moment, we are energetic in seeking new work and, yes, we are optimistic we can keep going forward, building on our own efforts and the boost that SWIG has given us.”
In turn, SWIG fund manager John Peters pays credit to the “drive, imagination and skill” that he says have been the hallmarks of Rozen’s success.
“You could say they are just the sort of business people SWIG’s loan funds were created to assist. They provide a fine example of what can be done when a small, ambitious enterprise is given the additional funding impetus it needs in order to grow and prosper."
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22nd May 2006
Jobs joy as exporter expands
Thirty-seven jobs have been secured and four more created at a Truro firm embarking on a big expansion programme to boost its competitiveness in the global market place.
Arcol UK Ltd, Britain’s sole surviving manufacturer of aluminium-housed resistors, has struggled in the face of rival production costs in countries where wages are a fraction of those here.
Now potential factory efficiency savings of up to 30 per cent will be achieved by a £180,000 redevelopment programme, involving the complete reworking of production flow, construction of a factory extension and purchase of new machinery to increase capacity.
This will enable Arcol, based on the city’s Threemilestone Industrial Estate, not only to tackle international competition head-on but also to expand its product range.
The breakthrough has been made possible by the plugging of a funding gap with a £50,000 interest-free loan secured by the business development arm of Bishop Fleming, Truro-based chartered accountants, from the South West Investment Group’s (SWIG) Business Growth Fund.
The projected efficiency savings and capacity increases were identified by working in partnership with Business Link and the South West Manufacturing Advisory Service to improve the company’s working practices.
“We export to more than 40 countries worldwide and this development is hugely significant because it means we will now be able to compete with overseas companies on something closer to a level playing field,” said managing director Mike Pritchard.
Mr Pritchard and co-director Alun Morgan took over the business in a management buyout five years ago. Originally founded in 1952, Arcol has established a reputation as a specialist manufacturer and supplier of power resistors, with exports currently accounting for just over 50 per cent of total turnover of £2 million.
Typical applications into which Arcol products have been designed include auxiliary power devices, power generation and distribution, motor drives, power suppliers and protection circuits.
Ewan McClymont, Bishop Fleming business development manager, commented: “We have worked closely with Arcol for the last 20 years and are delighted to have helped them access the vital funding support from SWIG.”
John Peters, fund manager at SWIG, said Mike and Alun had excelled at driving Arcol forward on a world stage, adding: “We are delighted that our Objective One- backed funds will help them to expand further and beat competition from abroad.”
Arcol is one of a small number of Cornish companies to be awarded Beacon status by the South West Regional Development Agency. The award recognised Arcol’s commitment to culture change and their introduction of advanced manufacturing techniques.
Beacon companies are recognised as being among the most forward-thinking and ambitious in the region, playing an important role in cultivating the South West’s enterprise excellence culture.
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25th January 2006
Major finance boost for Exeter business
Small businesses in Exeter are being offered a major financial boost with the launch of a new £450,000 Exeter Business Fund.
The new mainly loan based scheme has been launched through a partnership between Exeter City Council, South West Investment Group (SWIG), who are the region’s leading gap-fund provider, Business Link Devon & Cornwall and HSBC.
It means that companies starting up and existing small businesses based in Exeter will now be able to raise the capital they need that has not been forthcoming from traditional sources in order for them to expand and create jobs.
The involvement of Business Link – the regions leading business support service - is seen as a key strength of the fund. In addition to funding the project, Business Link will be providing essential advisory support. A dedicated adviser will be available to help guide people through the pre-investment process and will then help those receiving funding to ensure their investment objectives are achieved.
The funding has been launched to intermediaries in the Exeter area such as bank managers, accountants and financial advisers, through whom funding applications must be made.
John Shepherd, Exeter City Council’s Lead Councillor for Economy and Tourism, believes the launch of the new fund will help make a real difference to Exeter’s economic growth. He said: “The launch of the Exeter Business Fund represents a further step in the City Council’s support for local businesses and forms part of its commitment to promoting prosperity and economic growth through the implementation of the Exeter and Heart of Devon Economic Development Strategy.”
SWIG Managing Director Peter Casey said: “The combined support of Exeter City Council, Business Link and HSBC has been of immense value in securing what is going to be a significant benefit for small businesses in Exeter.
“Any company based in Exeter that feels it may qualify for assistance should waste no time in applying, because the sooner they do so the sooner they can be assessed and, if they meet the criteria, be helped to achieve their potential.”
The addition of pre and post investment support will, according to Bob Dow, Chief Executive of Business Link Devon & Cornwall, be a critical element of the Exeter Business Fund.
“Business Link helps over 20,000 businesses each year. Where raising finance is concerned people need high quality advice at all stages. Business Link pre and post investment support means the funding should make an even bigger impact for those businesses that successfully apply for it,” said Mr Dow.
Darren Wilson, local Area Director for HSBC, which is committed to the communities in which it operates, said “The Fund will provide significant benefits to local businesses and may well help to retain employees’ skills and talents in the SouthWest. The scheme is a testament to the real value of public and private sectors working together for the benefit of the community.”
Derek Phillips, Chairman of Exeter Chamber of Commerce says, "Exeter Chamber of Commerce welcomes this innovative initiative which fills an important gap in current funding streams. The Chamber is pleased to support initiatives that promote an entrepreneurial culture and create more small businesses in Exeter. We know from our members that there is a huge demand for new and small business funding and we give great credit to all the partners involved in the Exeter Business Fund in finding an effective and positive solution to financial and business support."
Since starting its loan funds in 1996 SWIG has helped create over 1,000 new jobs in the South West by delivering more than £6.5 million of support.
For more information on how to apply to the Exeter Business fund, contact South West Investment Group on: 01392 314603.
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1st December 2005
Inflatable business expands thanks to SWIG
A Southwest entertainments company is fast expanding its business thanks to SWIG.
Fun-Tasia, which operates inflatable rides such as bouncy castles, sumo wrestling and bungee runs across the Southwest is planning to add to its collection by investing in a mechanical rodeo bull.
With the help of the Devon Business Support Fund, Fun-Tasia has received £5,000 worth of match-funding to go towards the cost of the mechanical bull and the associated insurance costs.
John Bleasdale, owner of Fun-Tasia said: Inflatables are very seasonal which means demand slows down outside of the summer months. Thanks to SWIG I have been able to invest in something, which will be popular all year round. The mechanical bull is the ideal solution and getting increasingly popular with corporate entertainment and private celebrations”.
There are three other known rodeo bull operators across the region and John hopes to work with them in the future to accommodate the increasing demand for bookings.
Fun-Tasia was set up three years ago with one inflatable ride purchased with the help of the Prince’s Trust and now owns 12 different rides which are in demand over the summer months across the Southwest.
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13th October 2005
Big Expansion for Truro Food Firm
Ten jobs have been safeguarded and two more will be created following the
go-ahead for major expansion by a Truro wholesaler of natural foods, organic
foods and associated products.
With the approval of a £42,000 loan through SWIG’s Cornwall Business
Growth Fund, match-funded by Barclays, The Granary is set to expand floor
space by two thirds at its Newham Road warehouse.
Purchased in 1991 by Jim and Jill Thomas, the business has grown to the point
where it desperately needed more warehouse space for its product distribution
in Cornwall, Devon, Dorset, Wiltshire and Somerset.
The warehouse extension will not only increase floor space to 4,000 square
feet but also improve the area’s appearance by removing the existing
temporary office building and storage containers.
Office space will be incorporated into the one building, which will improve
the security and efficiency of the operation.
The improvements will enable the company to increase efficiency by an estimated
15 per cent, benefit from commodity buying discounts, broaden its product
range and increase sales of bulk goods, its most profitable product line.
Due to their specialist nature, the company’s 5,000 product lines are
sourced mainly from food importers. The Thomases have grown their customer
base to 450, with 60 per cent outside Cornwall.
Clients include health food outlets, farm shops, chemists, local stores,
hotels, public houses and food manufacturers.
Highlights in the Thomases’ 14 years’ ownership of the business
have included the doubling of turnover, developing the “Nature’s
Garden” own label and becoming a recognised player in the UK wholesale
market of health and natural food products. All its goods are ambient, with
nothing chilled or frozen.
“This is very much a milestone in our company’s development and
a key contributor to securing our fundamental aim of long-term profitable
trading,” said Jim Thomas.
“We are indebted to Bishop Fleming for orchestrating the whole package
that has made it happen and to SWIG and Barclays Bank for providing the financial
support.”
John Peters, Fund Manager at SWIG commented: “Jim and Jill Thomas have
a tremendous success story to their credit, but they had reached the stage
where they were becoming very much victims of their own success. Now they
can expand and supply their excellent products with significantly greater
efficiency and profitability.”
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12th May 2005
Major finance boost for objective 2 businesses
Small and medium-size businesses in Devon’s Objective 2 area are being offered a major financial boost with the launch of a new £2.4 million loan support fund.
The new scheme has been launched by South West Investment Group (SWIG) – the region’s leading gap-fund provider - in partnership with Business Link and Lloyds TSB Business Banking.
It means SMEs operating in the county’s Objective 2 area will now have the opportunity to raise the capital they need that has not been forthcoming from traditional sources.
The project is being funded through the European Social Fund and follows a successful bid by SWIG, a not-for profit private-public sector partnership with offices in Exeter and Truro, to the Government Office for the South West.
Rather than solely provide funding, the new initiative is unique in that it will provide packaged pre- and post- investment mentoring support via Business Link, which will employ a dedicated business adviser paid for by the scheme.
The funding has been launched to intermediaries in the area such as bank managers, accountants and financial advisers through whom funding applications must be made.
SWIG managing director Peter Casey said: “The support of Business Link and Lloyds TSB has been of immense value in securing what is going to be a significant benefit for SMEs in the Objective 2 Devon area.
“Any company that feels it may qualify for assistance and which operates in the Objective 2 Devon area should waste no time in applying, because the sooner they do so the sooner they can be assessed and, if they meet the criteria, helped to achieve their potential.”
The addition of pre and post investment support will, according to Ian Gent of Business Link, enable businesses that are successful in their funding bid to make the most of the support provided.
“This is the first time a commercial finance organisation, a specialist organisation and the region’s leading Business Support organisation has come together in a partnership venture designed with SME’s in mind.
“Bringing in the added layer of pre and post investment support means the funding should make an even bigger impact for those businesses that successfully apply for it,” said Mr Gent.
Martin Racher of Lloyds TSB Business banking believes the launch of the new fund will help make a real difference to the economic growth in the Objective 2 Devon area.
"We are delighted to be involved with this fund which will bring added levels of flexibility when structuring a finance package for new or existing customers. Time and time again we have seen this extra help make the difference between success and failure for a businesses expansion plans.
“This fund feels unique because of the additional help and ongoing support provided by Business Link. There are around 70 Lloyds TSB Business Banking Managers in the Devon area alone who will be pleased to have this as an additional tool in their finance kitbag. In Partnership with SWIG, and Devon & Cornwall Business Link, we can make a real difference to economic growth in the area."
The Objective 2 fund, comes on the heels of a successful £2.5-million Objective One fund recently launched in Cornwall.
Since starting its loan funds in 1996 SWIG has helped create over 1,000 new jobs in the South West by delivering more than £6-million of support.
For more information on how to apply for the funding, contact South West Investment Group on:
01392 473439.
TOP OF PAGE
4th August 2005
Finance helps Helicopters UK reach new heights
A new flying company is aiming for greater heights after receiving a £15,000
boost from a fund specifically set up for small businesses operating in Devon’s
Objective 2 area.
The finance from the Devon Business Support Fund will help Helicopters UK,
founded only nine months ago, become a fully self-contained operation.
The company, which organises leisure flights at venues all over the UK,
is using the funding from South West Investment Group to purchase fire
and rescue equipment and a fire support vehicle.
It will also be used to help the company obtain its own Air Operators
Certificate enabling it to operate public transport flights.
In addition to the funding, Helicopters UK has also benefited from pre
and post funding support from Business Link as part of the new fund which
is also supported by Lloyds TSB.
According to Helicopters UK director Jasper Trumble, the combination of
Business Link’s business advice and the SWIG funding will help the company
to secure its own Air Operators certificate - a key factor in the development
of the company.
“It’s an expensive and complicated process to obtain one's own certificate”,
says Jasper Trumble, a commercial helicopter pilot who heads the firm with
his brother Toby, an aviation insurance broker, “but once we have it we
will be truly self-contained.
“The aviation industry is a very difficult business to be successful in
and we need to be in complete control of our own affairs and become totally
self-reliant if we are to achieve our potential.”
Target market for the company, which will have its mainoperational base
at Exeter Airport and furtheroffices in Kingsbridge, is the pleasure flying
sector as well as Helicopter Charter .
“It’s a niche market where the competition in the South West of England
is relatively limited ”, says Jasper.
“It has great growth potential, too. Lots of people have flown on holiday
but not many have experienced the distinct thrill of going aloft in a helicopter.
It is an experience you never forget and this has been confirmed by some
real positive feedback from passengers that have already flown with us.
“Along with the flights we will soonalso beoffering a brand new service
involving a photographic and downloadable video package, providing passengers
with a permanent record of their memorable experience.”
Jasper carried out the majority of his training in the States before completing
his commercial flying course and the required 15 Airline Transport Pilot
Licence theory exams back in the UK. Up until the formation of Helicopters
UK Ltd he has been flying for a Hotel based in the Westcountry.
“The Devon Business Support Fund is going to help us significantly ”,
he adds. “It is not easy to get financial backing for a business where
the risks are high, and we are extremely grateful for the faith SWIG and
Business Link have shown in us.” For further information on Helicopters
UK visit www.flyhuk.com.
Richard Knight - financial advisor for Business Link who provides the
pre and post funding support for the Objective 2 Devon fund said Helicopters
UK was a business with great potential which would benefit greatly from
the new funding.
“From the outset Jasper and Toby have had a clear vision for the company.
Central to that vision is achieving the Air Operators Certificate so we
are delighted that the funding will be go towards this and essential infrastructure
in the fire and rescue equipment,” said Richard.
TOP OF PAGE
4th August 2005
Seeking investment? - 'Think of it as a first date!'
Business people seeking investment support have been told by an expert advisor
that their personal credibility and trustworthiness are paramount in impressing
potential lenders.
“Think of it as going out on a first date – give your business a bath, get
its hair cut and brush its teeth!” said Ewan McClymont, business development
manager for the Truro and Plymouth offices of the South West-based chartered
accountants Bishop Fleming.
“When you are making yourself ‘investment ready,’ you are in the business
of making yourself attractive to lenders or grant providers,” he said. “Banks,
lenders and grant bodies don’t invest in the business – they invest in you.
“Your job is to convince them that you are capable of delivering what you
promise to do. Your credibility is paramount, as is that of your management
team.”
Addressing business club members of the South West Investment Group (SWIG),
Mr McClymont stressed: “They are looking for honesty and transparency. They
need to trust you with their investment. Will you deliver what you promise?”
To become “investment ready”, explained Mr McClymont, it was essential to
get your house in order, with up to date management information, to carry
out market research, seek professional advice and be clear on how much a project
was going to cost.
Another “must” was a business plan. “This is like a road map,” he said. “Where
are you today? Where do you want to get to? How will you get there?”
He quoted Dwight Eisenhower as saying: “Planning is everything; the plan
is nothing.” Mr McClymont commented: “The business plan is not something that
you park on the shelf or prop the door open with. It is a living document
and, as Eisenhower found out, plans change. So get used to revisiting and
revising that plan.”
A prospective lender, he explained, wanted to be convinced that a plan made
sense and was right for a business and that monthly repayments for funding
support could be met without putting a strain on the organization.
A lender would also want to know the risks involved and a company’s ability
to meet “what if” scenarios.
“They are looking for you to share the pain if it all goes wrong,” warned
Mr McClymont. “If you want to borrow £100,000 but are only proposing to invest £10,000
of your own money, don’t expect a warm reception unless you are willing to
sign personal guarantees or give a charge on your assets.”
John Peters of South West Investment Group commented: “A safe pair of hands
was vital – generally banks are not in the risk businesses. Gap fund lenders
such as SWIG will take more of a risk, but still expect to get repaid.”
Mr McClymont was addressing a gathering of over twenty SWIG Business Club
members at the Carlton Hotel in Truro. The club, called ‘Learning Networks’ is
open to all businesses funded by SWIG and meets once a month in Cornwall and
in Devon.
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21st July 2005
Swig makes a splash with £50,000 funding for Saltash company
A Saltash-based manufacturing company which is fast becoming Europe’s
leading specialist in swimming pool play equipment is looking forward to an
extremely buoyant future after receiving £50,000 worth of development
funding from South West Investment Group.
Manuplas, which currently employs 24 people, has secured over £350,000
worth of investment to help extend its manufacturing capabilities including the
purchase of new CNC equipment.
The company produces a wide range of products including navigation and mooring
buoys and fendering and flotation solutions for the marine industry in addition
to the swimming pool play equipment which it produces and markets under the name
of Hippo Leisure Products.
As one of only four companies worldwide with the technology to produce the swimming
pool floats, slides and toys, Hippo Leisure’s reputation in the leisure
industry is growing fast.
According to Manuplas company secretary Claire Mollet, SWIG’s Objective
One-backed funding was essential to the company’s development.
“ We were introduced to SWIG by Business Link and are absolutely delighted
with the funding which has provided a significant proportion of the development
funding we needed to put our expansion plan into operation.”
Andrew Wickham, who established the company in Saltash in 2003 says he was impressed
by SWIG’s quick grasp of the company’s operations and plans.
“
It was a pleasure to work so closely with professionals
who clearly understood the business and where we wanted
to go”, he says.
“
The new equipment we are purchasing thanks to the funding
will open up whole new product lines for us that will enable
us to offer low volume, specialist cutting and shaping
of a variety of materials from foam to metal.
“
Our Hippo Leisure products are becoming increasingly popular
with leisure centres and water parks all over the UK. We
are also seeing increasing interest from around the world
for our products. To be able to offer customers the opportunity
to have play equipment of any shape size or style is great
for them and as a result, great for us,” said Andrew.
South West Investment Group Fund Manager John Peters believes the funding will
help the company to establish itself as a global player in the swimming leisure
sector.
“ The company is developing an extremely good reputation in the marine
and the leisure sector and we could see the potential for growth.
“
It is an exciting company so as the region’s leading
gap funding provider, we were delighted to complete the
funding package which will help them develop the business, ” said
John.
TOP OF PAGE
13th June 2005
Silvanus Services Ltd scoops Devon County Show award
A project to produce new display boards for the Devon County Show ended in
success, when the Silvanus stand won the Gold Award for Best Trade Stand in
Show. Silvanus Services Ltd - the west country tree & woodland company – won
the award for the straightforward no-nonsense nature of the stand.
The display materials were purchased with the assistance of an Objective
One-backed loan via South West Investment Group (SWIG) and are just part of
the significant investment Silvanus is currently making in expansion. Following
a Management Buyout 18 months ago, the company has more than doubled its staff
numbers and is on track for a 67% increase in sales this year.
The stand was designed and produced by Chartered Designer Tobias Borthen,
who has been working with Silvanus Services Ltd on design of marketing material
for over a year, including producing a new website (www.silvanus-services.co.uk),
leaflet & newsletters.
- Silvanus Services Ltd (SSL) is based in Launceston, Cornwall and has
5 local offices throughout the West Country and Midlands. It employs
61 people.
- SSL undertakes tree surgery, landscaping, tree planting & woodland
management work for a wide range of clients, including local authorities,
private landowners and corporate clients.
- Tobias Borthen runs a small Exeter-based Chartered Design company,
offering a one-to-one design service tailored to clients needs. Toby
places great emphasis on personal service and attention to detail.
- SWIG is a not-for-profit company with offices in Truro and Exeter that
since 1996 has helped over 500 businesses create over 1,000 new jobs
in the South West by delivering more than £6-million of support.
TOP OF PAGE
12th May 2005
Major finance boost for objective 2 businesses
Small and medium-size businesses in Devon’s Objective 2 area are being offered a major financial boost with the launch of a new £2.4 million loan support fund.
The new scheme has been launched by South West Investment Group (SWIG) – the region’s leading gap-fund provider - in partnership with Business Link and Lloyds TSB Business Banking.
It means SMEs operating in the county’s Objective 2 area will now have the opportunity to raise the capital they need that has not been forthcoming from traditional sources.
The project is being funded through the European Social Fund and follows a successful bid by SWIG, a not-for profit private-public sector partnership with offices in Exeter and Truro, to the Government Office for the South West.
Rather than solely provide funding, the new initiative is unique in that it will provide packaged pre- and post- investment mentoring support via Business Link, which will employ a dedicated business adviser paid for by the scheme.
The funding has been launched to intermediaries in the area such as bank managers, accountants and financial advisers through whom funding applications must be made.
SWIG managing director Peter Casey said: “The support of Business Link and Lloyds TSB has been of immense value in securing what is going to be a significant benefit for SMEs in the Objective 2 Devon area.
“Any company that feels it may qualify for assistance and which operates in the Objective 2 Devon area should waste no time in applying, because the sooner they do so the sooner they can be assessed and, if they meet the criteria, helped to achieve their potential.”
The addition of pre and post investment support will, according to Ian Gent of Business Link, enable businesses that are successful in their funding bid to make the most of the support provided.
“This is the first time a commercial finance organisation, a specialist organisation and the region’s leading Business Support organisation has come together in a partnership venture designed with SME’s in mind.
“Bringing in the added layer of pre and post investment support means the funding should make an even bigger impact for those businesses that successfully apply for it,” said Mr Gent.
Martin Racher of Lloyds TSB Business banking believes the launch of the new fund will help make a real difference to the economic growth in the Objective 2 Devon area.
"We are delighted to be involved with this fund which will bring added levels of flexibility when structuring a finance package for new or existing customers. Time and time again we have seen this extra help make the difference between success and failure for a businesses expansion plans.
“This fund feels unique because of the additional help and ongoing support provided by Business Link. There are around 70 Lloyds TSB Business Banking Managers in the Devon area alone who will be pleased to have this as an additional tool in their finance kitbag. In Partnership with SWIG, and Devon & Cornwall Business Link, we can make a real difference to economic growth in the area."
The Objective 2 fund, comes on the heels of a successful £2.5-million Objective One fund recently launched in Cornwall.
Since starting its loan funds in 1996 SWIG has helped create over 1,000 new jobs in the South West by delivering more than £6-million of support.
For more information on how to apply for the funding, contact South West Investment Group on:
01392 473439.
TOP OF PAGE
20th April 2005
Skateboard pair spark phenomenon
Two former art students who have sparked off a skateboard phenomenon from a spare bedroom are to launch their own online shop.
Chris Humphris, 23, and Alex Brinnen, 25, graduated last year from Falmouth College of Arts, now University College Falmouth, in Graphic Design and 3D Design and Sustainability respectively.
While studying their degrees the pair spent a lot of their time “sliding”, or downhill freestyling – a skateboarding technique that, rather than jumps, involves spectacular slides and turns using gloves. They began filming themselves and loading the films onto a website, which has become massively popular, particularly in the USA and Brazil.
In 2003 they formed a skateboarding team which has drawn international attraction as the only Downhill Freestyle specific team in the world. The team has appeared on the Extreme Sports channel and recently in California. Last year the six riders were awarded the best “sliders” in the country and are acclaimed by aficionados as being among the best in the world.
And, with the help of Objective One investment, they have begun their own business which looks set to boom. Faltown Skateboards is the only skateboard company in Cornwall and the first company in the UK to bring out specialist boards and equipment for this market.
“The Americans think it’s really cool that we have had financial help from the EU,” said Alex. “It really began in 2003 when we started to think that this could be a real company as opposed to just making a few boards for friends.”
While still at college the pair convinced Random Rides, in Falmouth, to take some of the boards, which are longer than normal skateboards, and it quickly ran out of stock. They started a business plan, with help of West Cornwall Enterprise Trust and the Prince’s Trust, and then approached SWIG (South West Investment Group).
With the help of SWIG, which has received Objective One investment to offer interest free loans to eligible businesses, the pair designed four boards along with a whole range of hardwearing leisurewear. The online shop - www.faltownskateboards.com - will be launched on May 3. All this has been done from a spare bedroom in Chris’ parents’ house.
John Peters, SWIG spokesman, said: “I am very impressed by what Chris and Alex have achieved in such a short space of time- in addition to graduating. This is a very exciting, dynamic multi-media venture. Faltown is spreading the word that Cornwall is the place to be and the place to go.”
The first short film was of the pair slide skating around Falmouth. Once it was put onto their website hits jumped from about 2,000 a month to 30,000. Five films later, including the latest where the team visited San Francisco and Berkeley, California, the website receives an average of 66,000 hits a month.
They have also been helped by meeting slide skate expert Cliff Coleman, who lives in Berkeley, and has put the team forward as one of the best. He has also agreed to use their equipment.
“The response to our films was insane,” said Chris. It got to a point where people were having online discussions about whether the films were real.”
Alex added: “Since going to America the people we met over there are making makeshift Faltown logos because they can’t wait for our range to come out. That is exactly what we want – for others to get involved in what we are doing. We already use other students to put music and graphics on our website and for the films.”
The website encourages involvement and also has interactive lessons on sliding, showing many moves invented by the team.
COPY ENDS.
For further information please contact the Objective One Communications Team
Tel: 01872 223439 Email: cmorgan@cornwall.gov.uk
Chris and Alex are available for interview or to supply other photographs on 01326 212017 or e mail - info@faltownskateboards.com
Editors notes:
• Downhill Freestyle, also known as ‘sliding’, is a new style of skateboarding that is beginning to become very popular. Faltown Skateboards is the only skateboard company in Cornwall and the first company in the UK to bring out specialist boards and equipment for this market.
• SWIG (South West Investment Group): was set up in 1989 and offers interest free loans to eligible businesses. It manages an Objective One gateway scheme, Cornwall Business Development Funds, which offers three levels of start ups. In the first part of the scheme 180 Cornish small and medium sized enterprises (SMEs) were supported. The second phase of the scheme, worth more than £2 million, began early in 2005.
TOP OF PAGE
24th February 2005
Hardmetal engineering building firm foundations thanks to SWIG
When Redruth-based Tungsten Carbide Ltd went up for sale after its owner decided to pursue other interests – the future looked bleak for its staff.
But with the backing of South West Investment Group, Andrew Hosking, MD of Redruth-based Welding Electrode Store Ltd (WES Ltd) spotted the potential in Tungsten Carbide and secured a life line for the company and its staff.
Hardmetal Engineering (Cornwall) Ltd, was formed in 2003 to buy Tungsten Carbide’s assets, supported by SWIG fixed finance of £47,250 to complete a package of assistance with Barclays Bank to facilitate the whole of Tungsten Carbide’s capital plant and equipment.
As a result all nine staff were taken on by Hardmetal, saving jobs and ensuring time served skills and expertise remained firmly in the county. In addition, the purchase of the assets as a whole allowed the new enterprise to take on the goodwill, customers and order book of the existing company.
“It meant the survival in Cornwall of a highly specialised business”, says Andrew Hosking, Hardmetal’s Managing Director.
“Tungsten Carbide was pre-eminent in niche hardmetal engineering, providing solutions for the aerospace, canning and electronics sectors. It was one of the very few companies in the UK involved in this type of work, and 85 per cent of its custom was from outside Cornwall.
“It had operated profitably despite minimal marketing activity, indicating considerable scope for expansion.
“We had worked with SWIG previously and found them extremely good to work with. The application process was fairly straightforward and we secured the funding in about a month. Without the funding we would not have been able to put the deal together - it is as simple as that.
“What we have been able to do as a result of the funding is create a sound platform on which to develop opportunities for growth for Hardmetal. We have been able to approach the future with the confidence and knowledge that we have the support, the skilled staff and the application to succeed.”
The new operation was set up as a wholly-owned subsidiary of Welding Electrode Store Ltd (WES), an existing SWIG Growth Fund client with extensive experience and a strong reputation for supplying the automotive industry with all types of resistance welding equipment.
“It was an eminently sensible arrangement”, Andrew says, “because both Hardmetal and WES operate within complementary sectors of the specialist engineering industry.
“Furthermore WES also had factory space it was not using, which meant both companies could operate from under one roof and also have room for expansion.
“Another important consideration was that WES was already supplying major car manufacturers and as a result would have found it difficult to diversify into new markets because of the demands to continually fulfil its existing customer requirements.
“Hardmetal, with its highly specialised focus, is perfectly placed to open up fresh ground and to exploit opportunities to the mutual benefit of both companies.
“I think good things lie ahead. None of this would have been possible without the loan aid arranged by SWIG and by the knowledgeable and heartening support it has provided at every stage.
“Jobs have been saved and under another name a South West company that offers rare skills to UK industry not only survives but goes forward,” said Andrew.
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27th February 2004
Cornwall Goes To Harrods!
How Objective One Money Helped Unlock New Markets
A quartet of Cornish businesses have succeeded in selling their products to top West End stores, and many more are breaking into new markets outside of the county, thanks to Objective One funding.
Assistance through funds managed by South West Investment Group means that at Harrods you can purchase organic health care products made by Spiezia Organic Care near Helston, and traditional wooden toys distributed by Holz Toys from their warehouse in Falmouth.
Meanwhile, at the John Lewis store on Oxford Street you can buy exclusive buttons designed by Mook Buttons in Helston. Round the corner at The Conran Shop you can pick up the latest in interior accessories produced by Block in St. Germans.
Loans and grants helped these companies produce top quality marketing materials which meant they could approach new customers with added confidence.
South West Investment Group has committed over £1 million to 126 Cornish businesses since the Objective One Business Development Funds were launched in May 2001.
The funds are aimed at businesses that have growth potential but are unable to raise sufficient money from conventional sources. In order to qualify, applicants must show that the assistance will lead to increased profitability and job creation, and that there will be a benefit to the Cornish economy.
The South West Investment Group