Funding boost for digital firm
A COMPANY which installs digital satellites has secured a funding package to help it meet growth targets.
Winsford-based Cheshire Digital Services, has secured a £50,000 working capital package from NatWest, to help support increased demand for its services ahead of the nation’s forthcoming switch to digital TV.
The company, which specialises in both commercial and domestic installation, has secured several new contracts ahead of the switch-over and expects to turnover to increase from £750,000 to £1m in the next year.
The North West’s ITV Granada region will become one of the first in the UK to switch to Digital TV in November this year and around three million homes will be affected by the change.
Other regions will make the change on a staggered basis during the next three years, with the process expected to be completed by the end of 2012.
CDS was set up by managing director Steve Bushell in 2000 and now employs 27 people at its base on Woodford Industrial Estate in Winsford.
The company’s commercial clients include supermarket chains, local authorities and housing associations.
Mr Bushell said: “The last few months have been extremely busy for us and we would expect demand to increase as the switch over date of November 3rd draws closer.
“The increased demand obviously impacts on stock and working capital and therefore it is essential to have the necessary funding in place to meet the needs of our customers.”
NatWest provided the funds under the Government’s Enterprise Finance Guarantee scheme.
Johanna Holehouse, relationship manager from NatWest, said: “The EFG scheme has been designed to provide small and medium sized businesses such as Cheshire Digital Services with immediate access to working capital to support their day to day operations.”
