Merseyside Special Investment Fund (MSIF) has invested £75k to support the expansion of a St Helens-based manufacturing business.
LouvreSol Specialist Projects Limited, design, manufacture and install commercial aluminium ventilation systems which provide natural ventilation to help reduce carbon emissions.
MSIF has previously invested loans totalling £200k in the business which is run by founder and managing director Eddie Dean.
Mr Dean said “The latest round of funding is to allow growth and enable well timed payment to suppliers. The construction industry remains strong however there are a lack of resources with main contractors after streamlining following the recession."
“MSIF’s previous investment enabled us to lay good foundations for growth by investing in new machinery, IT improvements and staff training. Although our turnover has reduced our profit levels gain strength every month and are returning to the levels we enjoyed pre 2009. Staff levels have increased and this has allowed us to reintroduce in-house apprentice training."
“We have broken into the commercial photovoltaic market which is providing solar panel collection systems to large commercial schemes contributing to the environment and reduction of the carbon footprint with LouvreSol holding the necessary design qualifications for these installations. We have completed several successful projects for this type of work and have identified it as an area for growth in the future. "
“During the next 24 months I’ve taken the decision to cap turnover to allow for continued strength to cashflow and margin to be accumulated. After this we have several choices in how to expand, we can either take on more internal fabrication from our supply chain to further increase our margin or return to the export market as well as expand the photovoltaics offering.”
“MSIF have been really supportive and are extremely good at turning round paperwork very quickly so that the deal can be completed. Without them we would not have been able to expand the business.”
MSIF investment director Paul Humphray said: “Louvresol has gone from strength to strength. The company has an excellent reputation and as such gets a lot of repeat business as well as continually adding new clients to the portfolio. "
“Eddie is an astute businessman who is looking to take advantage of the growing recovery in the construction sector, albeit in a controlled manner which should further strengthen the company’s financial standing and presence in the market place."
“We are very pleased to continue to support Louvresol and look forward to working with them through this next important phase in the business’s development.”
LouvreSol currently employs 15 staff and this is expected to rise to around 20 in the next three years. Turnover this year is projected to reach £3m.