Screens at Work uses £200k loan to pay off VC
Screens at Work Limited has secured a £200,000 loan from the Regional Growth Loan Scheme, managed by Finance East and financed by the East of England Development Agency.
It is being used to buy out a Venture Capital investor. Screens at Work was established in 1993 and bought by its present management team in 2004 supported by VC investment.
Based in Haverhill, Suffolk, the company is at the forefront of innovation in the workplace screening market, designing and manufacturing its own range of products and supplying some of the largest and most prestigious organisations in the UK.
The company has developed a range of acoustic screening products. Research shows that use of its products in the modern, open-plan office environment increase business productivity by 20 per cent and significantly reduces absenteeism.
Clients range from banks and building societies to airlines, software houses, recruitment consultants, advertising agencies and manufacturers.
Customers reduced orders during the recession but the company remained profitable – however, the terms of VC investment meant that with a potential exit delayed, costs associated with the VC investment were becoming excessive.
The loan was provided to fund the buy-out of Venture Capital investor, and assist in moving the company operations from a split site to one, reducing rent costs and increasing production efficiency. The loan will also be used to expand the workforce to meet an increasing order pipeline.
To meet its diverse needs and the ever increasing demand for employee-centric work environments, SAW is constantly evolving its products. The company is still growing in today’s tough environment.
Managing director, Nick Turner, said: “Stuart Ager and the team at Finance East were very thorough and helpful throughout the whole process we can now move the business to the next level.”
Ager, who is senior fund manager at Finance East added: “Screens at Work has a strong track record, a growing customer base and the opportunity to achieve significant growth.
“It has a very committed and experienced senior management team and we are delighted to be able to provide the financial support required to enable the company to achieve its expansion plans.”
• PHOTOGRAPH SHOWS: Stuart Ager, Finance East