£350,000 funding for construction start-up
A GRIMSBY company that has developed and patented a formwork and shuttering system for the construction industry has secured £350,000 to fund its growth.
Fast-Form Systems has been backed by a package from Finance Yorkshire’s Seedcorn fund, which invests in early stage innovative ventures that have the potential to become beacon companies for the region.
The company has created Fast-Form, a series of reusable, adjustable stainless steel brackets that replace timber frames and hold either plywood or polymer board securely in place. The system has already been used in projects for the Environment agency, London Cross Rail, and the the Olympic Stadium. It has also been chosen by housebuilder Taylor Wimpey for a 500-home development in Manchester.
Fast-Form Systems founder Tony White said: “These initial 12 months of trading have been a bit of a whirlwind, but we have clearly hit upon a market need because demand from civil engineering and marine contractors has been incredible.
“One of our key aims for 2015 is to explore export markets, particularly Europe and the USA.”
The funding from Finance Yorkshire will allow Fast-Form to ramp up its marketing activity, as well as invest in product development, new stock, staff, and costs associated with the patenting process. The product is patented in the UK and the business is in the process of filing an international patent.
Finance Yorkshire Investment Manager Graham Davies said: “While it is only 12 months old, its reputation of delivering on high profile projects, coupled with Tony White’s innovative vision and experience, ensured that the business was an ideal candidate for investment.
“Fast-Form has the potential to grow strongly in the UK and expand globally. The system not only reduces costs and build times, but is also safer and more environmentally friendly than traditional methods. The company has secured broad patent protection, which will ensure their unique and innovative products are protected as more and more construction companies use their system.”
