Property restoration firm pays back £500K loan three years early
Liverpool-headquartered property restoration specialist Forshaw Group has performed so well it has repaid the investment made by business funding provider MSIF three years ahead of schedule.
MSIF provided a £500,000 investment to fund a management buy-out led by current directors Liam Hanlon and Jay Calvert.
The company was originally set up in 1948 and was a second generation family business before the MBO.
Since the buy-out the company has doubled its turnover to £6.3m, has taken on 36 new staff taking the total to 50 and also employs a team of 150 subcontractors.
Director Liam Hanlon said: “MSIF’s funding was crucial to the growth of the business, and they have been a great source of support and advice. One of their portfolio directors has attended all our board meetings and their knowledge and expertise has really been invaluable to us.
“We’ve performed way ahead of the business plan hence being able to repay the investment early which will save us thousands in interest.
“One of our greatest achievements since we took over the business is the academy we’ve launched to offer apprenticeships. It is really important to us as a business to put something back into the local community and we wanted to do that by offering local youngsters the opportunity to receive training that will give them skills for life.
“We set up the academy here in Liverpool with the support of the Construction Industry raining Board and have now helped roll out the scheme nationally which so far has supported 80 apprentices across the UK.
“We’ve also invested heavily in IT implementing a new cloud based system to manage all of our claims.
“The next phase of our expansion will see us move to larger premises in Knowsley.
“Our advisory team including MSIF, DSG Accountants and Lloyds bank have been a fantastic support and we’d like to take this opportunity to thank them for working with us and helping to make the business so successful.”
MSIF portfolio director Marion Savill said: “Liam and Jay have done a fantastic job with Forshaw Group. As well as being astute businessmen they are also great believers in corporate social responsibility as is evidenced by their apprenticeship scheme which has been a resounding success.”