Southport firm wraps up £50k funding deal

A FIRM which has developed a range of radiator covers and decorative prints has secured a £50,000 loan from the Merseyside Special Investment Fund (MSIF).

Radwraps, based in Southport, has developed a magnetic material that allows people to decorate their radiators without affecting the heat output.

It will use the cash to fund manufacturing costs and securing licensing agreements and is aiming for a turnover of around £670,000 within three years.

The business was set up by father and son John and James Maddocks who have already secured licensing deals with Liverpool FC and Manchester United and are in talks with a number of other football clubs.

James Maddocks said: “We came up with the idea when we were redecorating and couldn’t find anything other than radiator cabinets to cover the radiator. Radiator cabinets lose around 60% of the heat and are therefore hugely energy and cost inefficient.

“There were no alternative products on the market so we developed our own. It has taken six years and a lot of our own money to get to the product just right and we are manufacturing locally here in Liverpool so we have absolute quality control.”

He added: “There has been interest from potential distributors abroad and we are currently in talks to sell the products in Scandinavia and other parts of Europe.”

MSIF’s investment has been made possible by a Regional Growth Fund (RGF) programme, provided through the Community Development Finance Association (CDFA). The programme provides loans to small, micro and social enterprises through the community finance sector.

MSIF investment manager Sue Chambers said: “There is huge potential for Radwraps to extend the products in the range and tap into new markets both in the UK and abroad. John and James have worked very hard on their business and we are very pleased to be supporting them through the next phase of development.”