£700k Funding Package is Music to Dolphin’s Ears

20th November 2007

Two entrepreneurs who set up a business using their student loans are expanding with backing from Merseyside Special Investment Fund (MSIF) and Bank of Scotland.

Dolphin Enterprises Europe Limited trading as Dolphin Music sells a wide range of musical equipment including guitars, keyboards, drums, recording & studio kit and PA systems.

Orders are placed through the company’s website and customers are guaranteed next day delivery on the majority of products.

Directors Robert Williams and Jason Tavaria both from St Albans have known each other since childhood and came up with the idea for the business whilst studying at Liverpool University. They set up the company in 1999 and initially operated it out of the house they shared. Dolphin now has a turnover of £9m, employs 56 staff and was ranked 11th in the 2006 Sunday Times Fastrack 100.

The company has raised a funding package totalling £700k which includes a £150k loan from MSIF’s Small Firms Fund and £550k from Bank of Scotland.

Director Robert Williams said: “The majority of our customers are the general public but we also sell to a lot of schools which now have increased government funding for music. Many have computer suites to teach students how to edit and record music – all equipment that we can supply and we are now expanding this side of the business.

“We have customers throughout Europe but are particularly looking to grow sales in Germany, France and Spain. Next year we plan to open a call centre with multi lingual staff to deal with customers from these countries.

“The funding from MSIF and Bank of Scotland is crucial to our expansion plans and will be used to take on new staff.”

MSIF’s Small Firms Fund investment manager Paul Humphray said: “Dolphin is a strong business which has grown organically and is performing very well. The directors now want to take the business to the next level and we are pleased to be supporting them.”

Phillip Roscoe, Director at Bank of Scotland in Liverpool said: “We are an entrepreneurial bank and Dolphin is precisely the type of company we love to support. Robert and Jason have already shown a tremendous ability and determination to take the business this far and we believe our support and advice will allow them to expand even further and fulfil their potential."

Seven jobs will be created in the first year and staff levels are expected to reach 65 in three years. Turnover is predicted to reach £15m in three years.

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Photo shows L-R Jason Tavaria (Dolphin) Phillip Roscoe (Bank of Scotland) Paul Humphray (MSIF) Robert Williams (Dolphin)

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