Funding boost for Harviglass-Fibre and Wall Top Alarm Co

A HYDE–based producer of glass fibre reinforced plastics has received a £175,000 funding line from Positive Cashflow Finance to reach its goal of a £1m turnover in 2012.

Harviglass-Fibre, which employs 16 staff, develops and produces glass fibre reinforced plastic products, with the Platform Access Bucket (cherry picker) manufacturer, Versalift, one of its largest clients.

It supplies a range of industries, including construction, aviation and interior design, with fibre-glass mouldings.

The invoice finance facility will be used to maintain Harviglass-Fibre’s cash flow, enabling the management to focus on further growth beyond the North West.

Will Austin, sales director at Harviglass-Fibre, said: “As a small manufacturer we face many challenges and cash flow is certainly one of them, which is why we were so happy to have the deal completed in just 72 hours. The funding line will give us the freedom to install the most up to date facilities andcapitalise on the growing demand for fibre glass products, which has been driven in recent months by innovations in shop fittings and automotive parts.”

Phil Chesham, sales and marketing director at Positive Cashflow Finance, said: “We have a real appetite to support local manufacturing firms as the economy has been particularly hard on them. It is really encouraging to see companies such as Harviglass looking beyond its local market for growth and putting the right financial facilities in place to help achieve its ambitions.”

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Meanwhile, MSIF has invested £50,000 into a Liverpool-based company that has developed an innovative alarm system to prevent thieves from climbing over walls and fences to gain access to properties.

The Wall Top Alarm Company, based in Netherton, will use the money to increase manufacturing and enhance its regional marketing activity following considerable interest from various parties including social housing landlords and the police. 

Directors Peter and John McRae came up with the idea for the system following on from ‘Alleygating’, a scheme that Peter promoted in the 1990s to prevent anti social behaviour and burglaries as a result of access to alleyways being permanently open. The project saw gates installed to block off alleyways resulting in crime being reduced by around 80%. The scheme was supported by Jack Straw and rolled out across the rest of the country with great success.

However, people living on the end properties were worried about intruders jumping over their walls to gain access. Along with his brother John, Peter came up with the idea for an alarm system that is fitted to the top of walls. They have spent the past several years fine tuning The Wall Top Alarm and the company was incorporated in 2010.

Mr McRae said: “There has been a lot of interest in this product. The cost to taxpayers for the police to respond to a burglary is approaching £4,000 per incident – whether or not there is a conviction, so you can see there are clearly significant savings to be made. Also, in terms of cost-effectiveness the prevention of just one burglary equates on average to the installation of Wall Top Alarms onto 4 terraced properties.”

“We are now beginning to market the product on a broader scale and we are increasing our manufacturing capabilities accordingly. Our main focus is to continue to sell to private sector clients and to make our Wall Top Alarm DIY kits available through retail outlets. However, we are also keen to work with Registered Social Landlords to establish a non-profit social enterprise delivering crime reduction, environmental improvements and training/apprenticeship opportunities in areas of high unemployment and deprivation.”

MSIF provided the loan through its Small Loans for Business Fund which it manages in its capacity as the Community Development Finance Institution (CDFI) for Merseyside.

Chris Walters, investment manager for MSIF’s Small Loans for Business Fund, said: “Peter and John are really passionate about what they do. As well as looking to reduce crime, they are also really supportive of the local community and want to create jobs for us many people as possible. The product is cutting edge – there is nothing else quite like it on the market at the moment and we are really pleased to be supporting the business.”