Deal pumps extra working capital into water management firm
Water services business Smarta Water has secured a £500,000 investment to support the future growth of the business across the UK.
The funding from NPIF-FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund, is providing additional working capital to assist the creation of two new head office roles.
It will also support general expansion of the business, assisting Smarta Water with the building of a new billing platform with Trevi to offer an enhanced and easier payment software solution.
Smarta Water was established in November 2018 and employs 10 people. The business is an independent retailer supplying non-household water and wastewater services across England and Scotland. It operates from offices in Leeds and Bristol.
Paul Griffiths, investment executive, worked with Steve Black, managing director, and Paul Watson, finance director at Smarta Water to provide working capital to support their strategy for future growth.
Black said: “We’ve recently taken on two new starters and have plans to grow the business further thanks to the working capital boost we have received from FW Capital.
“We’re an ambitious, fast growth business that today has a turnover of £26m.
“We were introduced to 11 investors and lenders and chose FW Capital because we were impressed with Paul Griffiths, who was phenomenal.
“His communication was fantastic, and he was always available when we needed to talk to him. He played a massive part in getting the funding across the line for us which is instrumental to Smarta Water’s future growth.”
Griffiths said: “Smarta Water is an impressive business that is expanding at pace.
“The team are all highly experienced and knowledgeable in the water sector and as a result can bring all the benefits of a big brand, but with the high level of service and care of an independent, small company.
“This sets them apart and is a key driver of their success. I’m thrilled to support the next phase of their company development.”