Rose Scaffolding of Oldham has received a £250K loan in connection with the Northern Powerhouse Investment Fund to help further boost the North West economy.
As a young company trading since September, the financial boost has come from NPIF – FW Capital Debt Finance, managed by FW Capital and linked to the scheme charged with bolstering business and infrastructure in the region.
The firm was set up by brothers James and Charles Brierley and Chris Howson in April last year to provide scaffolding for major construction projects in the area. In a few short months, the enterprise has contracts amounting to £3m boasting well-known names including Redrow, Bellway Homes and McCarthy and Stone.
The money will be utilised to invest in cutting-edge kit while helping to create a number of new jobs including apprenticeships.
Director James Brierley said: “Despite our success, there was no real appetite from high street banks to provide investment. James Scott Accountants made the initial introduction to Paul Mak of Pomegranate Commercial Finance, who in turn referred the deal to Adam Husband of FW Capital.
“The funding has been used to buy high-quality materials from our German suppliers and bring in new staff including apprentices. The construction industry has an aging workforce and we want to address this by investing in training through quality apprenticeships to create opportunities for young people.
“We have 25 full time and aim to have 40 by the end of next year including around six more apprentices.
“In our plan, we’d forecasted to double our turnover but we are on target to treble it.”
There’s little doubt the sizeable loan is a confident and adventurous move brought about by both the changing needs of the industry and the plans of an impressive new enterprise. “A key factor in our decision was the strength of the management team who had invested a lot of their own cash initially to get the business off the ground, demonstrating commitment and belief in what they were doing,” added FW Capital investment executive Adam Husband.
Their strong track record in the sector was also crucial, having worked for a major scaffolding business prior to starting Rose Scaffolding. They have secured a huge amount of business in a short space of time and are working with key players in the construction industry. Rose Scaffolding is a really fantastic business and one that we are delighted to have supported.”
As a new company with an experienced team. Rose System Scaffolding has invested heavily in Layher All-Round scaffolding and is working closely with key stakeholders including Strikesoft, Simian Risk and Layher to provide a first class service at competitive rates.
Sue Barnard, Senior Manager at British Business Bank, said: “The North West continues to be a fast-growing market for construction. Rose Scaffolding is a relatively young company but it has managed to expand its client base and have influence over a number of major projects in the region.
“The investment will positively impact the firm’s future growth ambitions, in the form of new specialised equipment, the creation of skilled jobs and vocational training for school leavers. It is these individual components that will boost the North West’s economic prosperity in the future and we look forward to seeing their development.