Business Weekly - Cambridge, UK

In three years, HomePride has seen annual sales grow from under £100,000 to a projected £2.2 million in the current year as television advertising has helped in placing its products on the shelves of all major UK supermarkets.

The substantial equity funding from Norfolk Capital Partners (NCP) – its third investment in recent months – is intended to support both existing lines and the development and launch of new products.

The company’s first product was boosted by a high profile television advertising campaign featuring Charlie Dimmock and Tommy Walsh.

The product steeps oven racks in the cleaning solution in a sealed bag and uses the solution on the inside of the oven for easy cleaning.

Now HomePride has launched an environmentally friendly, multi-surface anti-bacterial spray and wipe that kills 99.999 per cent of all germs and bacteria including the hospital superbug MRSA.

The introduction to NCP was managed by Lovewell Blake corporate finance who also prepared a financial due diligence report for the investors.

Neil Orford, corporate finance partner of Lovewell Blake said: "HomePride’s management team were introduced to NCP in early September and the deal was completed within 30 days, once again showing an ability to deliver attractive funding packages within a short time.

"This transaction demonstrates NCP’s appetite for exciting investment opportunities in medium sized companies."

HomePride was formed in 2000 by Matt Stockdale and incorporated into a limited company in 2002.

The company has offices in both Northants and Milton Keynes. The business is seeking to develop export sales and the US is set to receive product in the near future.

The company’s chairman, Rex Kingsley, is well known in Norfolk business circles and has done much to promote trade between the county and The Netherlands.

He enjoyed a distinguished international business career with Unilever, Babcock Industries Inc and Tate & Lyle plc.

As director general of The Netherlands-British Chamber of Commerce, Kingsley has also played a key role in assisting a broad spectrum of UK companies to successfully launch their European business development programmes.

This is the third deal for NCP in recent months.

NCP has helped fund the management buy-out of Fruehauf Parts & Service, the nationwide trailer parts and service business based at Dereham.

Then NCP announced its investment in the London- based Falcon Oil and Gas company, which is currently prospecting for oil and gas in Romania, Poland and Bulgaria.