£2million Pound Cash Boost for Expanding Shop Fitters

24th Jan 2006

A Liverpool shopfitting business is expanding with £2million backing from Merseyside Special Investment Fund (MSIF) and the Co-operative Bank.

Charles Evans Shopfitters Limited was established in 1888 and is a leading player in the shopfitting and specialist joinery industry. The company provides a comprehensive range of building services to customers operating across a wide range of industries throughout the UK.

The investment has enabled the company, which employs 118 staff, to relocate from a site in the Kings Dock to a new, 35,000 sq ft, purpose-built production facility at Venture Point Business Park in Speke.

Clients include large blue chip organisations such as ASDA, Tesco, Specsavers, Natwest and John Lewis. Locally, the company has carried out work for Leo Casino and Merseyside Police. Managing Director Paul McGregor, who completed the management buy-out of the company in 2002, said: "We are operating in a growing market and since we completed the buy-out we have significantly grown the client base.

The funding provided by MSIF and Co-operative Bank has assisted the company in the move to bigger premises to meet the growing demand for our services and is crucial to the Charles Evans Shopfitters expansion programme."

The investment deal was led by Matt Allen, Investment Director of MSIF's £40m Venture Fund.

He said "Charles Evans is a long-established business which has demonstrated substantial growth over the last couple of years. There is an experienced management team in place. Our investment will help support the company as it moves through this next phase of development".

Turnover this year is estimated to exceed £10m. Management expect this to increase significantly over the next three years with a corresponding increase in staffing levels.

Andrew O'Mahony of Liverpool law firm, Brabners Chaffe Street advised MSIF on the transaction. He said: "Brabners were pleased to have been involved in advising on an investment which has allowed the expansion of a well-known business with a longstanding commitment to the region."

Management was advised by TMG Corporate Finance, Lockett Loveday McMahon and Hurst and Co.

Ends

For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040

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Pic Shows ( L-R) Paul McGregor, MD of Charles Evans Shopfitters with Matt Allen, Investment Director of MSIF's Venture Fund

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