Property firm gets £500,000 cash boost
A PRIVATE investor who is part of the Northwest Business Angels network has injected £500,000 into North West property development company 10ACIA.
Launched in 2013, 10ACIA operates across Lancashire, Cheshire and Greater Manchester, and has a team of seven core staff along with a number of other workers to handle bespoke and technical projects.
The funding will be used to finance a range of design, development and renovation projects and has helped to put the business in touch with more residential and commercial clients across the North West.
10ACIA says that being part of the Northwest Business Angels network has helped to create new relationships with influential businesses such as Neville Johnson, the Manchester-based bespoke furniture manufacturer.
The network is one of the UK’s most established of its kind and works with growing companies across the region that are seeking investments between £10,000 and £500,000.
It is part of the Business Growth Hub’s Access to Finance Service, and has raised more than £22m for more than 250 companies to date.
David Price, founder of 10ACIA, said: “The funding raised will be used purely for the purchase and development of new projects. In the early stages, I had exchanged all my money for bricks and mortar and could only fund one project at a time.
“Working with Access to Finance and Northwest Business Angels has been phenomenal.
“They laid out a very simple path in front of us, allowing us to fund a number of projects simultaneously.
“It’s probably the most cost-effective form of finance available and has already set the business up for a period of sustainable growth.”
Access to Finance specialist, Jonathan Nelson, added: “We worked closely with David and the team at 10ACIA to provide a funding solution that suited the needs of the business.
“The traditional banking route clearly wasn’t right for them and by exploring the various options available we were able to demonstrate a clear strategic fit with NW Business Angels.
“The additional working capital provides more flexibility for the company and being part of the wider network puts the business in touch with a number of experts within their field.”
