A specialist family-owned manufacturing business is aiming to break the million pound turnover barrier by the end of next year after taking a fresh approach to its development capital needs.
Envirorental Products is one of the UK’s leading manufacturers and retailers of ozone generating technologies, which are used for a range of commercial purposes, including odour control, mould and mildew eradication, fire & flood damage reparation, smoke and fire-damaged garments.
The company was set up in 2002 by David and Paula Cope and has grown steadily ever since by establishing itself within a range of different markets, most notably the care home sector, with annual turnover growing to currently be around £600,000.
And now, to help support the next stage of the firm’s expansion plans, the Envirorental Products management team has secured a £100,000 investment from the Finance For Business North East Fund, which is run by regional fund management firm NEL Fund Managers.
Products, which are also suitable for domestic use, range from small domestic plug-in units to large dry cleaning cabinets, and every item is designed, programmed and built at its premises on the Glover Industrial Estate in Washington. Around 90 per cent of the company’s manufacturing expenditure is spent within the region.
Part of the Growth Fund investment will be used to enhance the firm’s manufacturing capacity, while improvements will also be made to its www.ozonedirect.co.uk website through which some of its products are sold.
A new chief executive officer, Jo-ann Miller, has been recruited to help drive the business forward with a new engineer recruited to carry out external servicing within the UK and Europe.
Most of Envirorental’s products are sold to customers within the UK, with well-known names already on the company’s client list including Barchester Healthcare, Bupa, Marriott Hotels and Helen McArdle Care whilst providing a bespoke service to ocean-going yachts.
The European market accounts for a proportion of the sales, and work is ongoing to further expand this.
David Cope says: “Our success has been built on the quality of manufacturing that goes into the products we sell, and the long-term relationships we’ve built with many leading companies in their respective markets is testament to what we can provide.
“Bringing in Jo-ann is central to achieving the commercial objectives we’ve set ourselves – her skills and experience give us the management resources we need to take our operations to the next level.
“There are lots of opportunities for more growth in a range of different market sectors; whilst we will be working to ensure that we have controlled growth over the coming years, there is no reason why we cannot take our turnover past the million pound mark by the end of next year.
“We were introduced to NEL by Bob Morton at UNW Accountants and would fully recommend the approach that the NEL team takes – they were very good to talk to and tell it like it is, which I think is essential in any business transaction.”
Jane Siddle, investment executive at NEL Fund Managers, adds: “David and his team have a strong and successful track record on which to build the next stage of the company’s development, and they presented us with a clear, strategic approach for how they intend to do so.”
Bob Morton at UNW LLP, Accountants says: “I was introduced to Envirorental Products Limited by Lloyds Bank on the basis that Dave and Paula had driven the business as far as they could by themselves. By using the Growth Accelerator – Business Growth Service, we were able to provide them with the specialist help to plan how to grow the business in a structured manner, and NEL were there as part of that solution’’
Aimed at regional businesses which are at a development and growth stage, the Growth Fund forms part of the wider Finance for Business North East Fund.
Managed by North East Finance, it will see £125m of investment capital injected into the region by the European Investment Bank and the European Regional Development Fund 2007-13 over a five year period.
NEL is looking to make around 130 investments over the five-year life span of the Growth Fund, and is actively looking to speak to ambitious north east companies with robust business plans.
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0845 111 1850.
The ERDF 2007-13 programme is bringing over £300m into North East England to support innovation, enterprise and business support. It will help create and safeguard 28,000 new jobs, start 3,000 new businesses and increase the region’s productivity by £1.1bn per annum.
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