Manufacturer secures MSIF backing
A COMPANY which manufactures and installs ventilation ductwork is expanding after securing £80,000 from the Merseyside Special Investment Fund (MSIF).
One Four Four (UK), based in Liverpool, was set up in April 2010 by directors Jim Galvin, Carl Farrington and Mark Horrigan.
It supplies air conditioning ductwork mainly to the construction industry.
It plans to use the cash for working capital to strengthen its team. The business currently employs 45 staff and has sales of around £3m.
Director Carl Farrington said: “We need funding to bring in additional staff so that we can secure new projects and continue to provide a high level service to our existing customers. It is expected that we will create around 12 to 15 new jobs over the next 18 months of which six have been created since the funding was put in place.
“We also need to spend money on streamlining our operations and to do so we may need to invest in new equipment and software upgrades.”
MSIF investment director Malcolm Jones said: “The EFG scheme means that we can back businesses where standard forms of funding are not available. This doesn’t mean that we will just lend to anyone but it does mean that solid businesses with good sales pipelines and a strong management team such as One Four Four, can access the finance they need to take the business to the next level.”
One Four Four’s current turnover is around £2.8-£3m and this is expected to increase to £3.5m in the next 12 to 18 months.
