£120,000 Finance Package Funds Expansion for AIT

16th January 2007

Haydock-based company that manufactures specialist insulation products is expanding with backing from Merseyside Special Investment Fund (MSIF).

Advanced Insulation Technology Ltd (AIT) manufacture and supply phenolic block foam which is used to insulate pipework and ducts in commercial and institutional buildings. The foam helps protect against damage from heat, frost and condensation.

In addition to manufacturing, the company also provides a range of technical support to clients.

AIT's UK-wide client base includes the food, heating and ventilation, petrochemical and transport markets.

Directors Les Johnson and Phil Kerley set up the company in 2002 and moved the business from Buckinghamshire to Merseyside in 2005.

The company has raised a funding package of over £120,000 which includes a £50,000 loan from MSIF's Small Firms Fund.

Director Les Johnson said: "Phenolic foam is already very popular in this country. It has many advantages over traditional insulation materials including a low thermal conductivity which means that half the thickness can be used in many instances. It is also very difficult to burn and has low smoke and toxicity levels"

"The money from MSIF has enabled us to buy new equipment which is crucial to establishing us as a block foam manufacturer. We now want to develop new moulded products for the refrigeration and defence industries and expand into markets abroad."

Small Firms Fund investment manager Paul Humphray said: "AIT already has an impressive customer base and is run by a highly motivated and experienced team. We are pleased to be supporting them."

AIT currently employs three staff and expects to take on a further nine over the next three years. Turnover last year was £60,000 and it is thought this will rise to £750K in three years.

Ends

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Picture shows (L-R) Paul Humphray (MSIF), Phil Kerley (AIT) and Les Johnson (AIT)

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