HAWICK ENGINEERING BUSINESS SECURES FURTHER ANGEL INVESTMENT

 

Borders-based business angel syndicate TRI Cap has committed a further tranche of investment in Hawick company Turnbull & Scott (Engineers) Ltd to support the company's expansion.  TRI Cap members were part of a £400,000 deal which has enabled the company to acquire two new businesses, extending manufacturing operations at the Hawick factory while both securing the jobs of the existing workforce and creating a number of additional positions.

The investment represents a second funding round following the 2008 MBO/MBI by the employees and TRI Cap. This round, which combined both debt and equity, was also supported by existing management and TRI Cap along with Scottish Enterprise through the Scottish Enterprise’s Scottish Co-Investment Fund and South of Scotland Loan Scheme.

Turnbull & Scott has now acquired two businesses, Yorkshire based Commercial Electric Heat Ltd (CEH), and Tykel Ltd, based in Leeds.  CEH is a specialist in the design, manufacture and distribution of electrical heating products used in commercial and industrial buildings.  The company’s manufacturing operations will be transferred to Hawick.

Tykel Ltd is a sheet metal working company and the company’s assets will be moved and installed into Turnbull & Scott’s Hawick factory.

Rob Dick, chairman of TRI Cap, commented:

“TRI Cap members remain enthusiastic about supporting Borders-based businesses and this funding round with Turnbull & Scott offered the opportunity to continue our involvement with a business which is simultaneously traditional and very forward thinking.  We have been impressed with Peter’s plans for growing the company and his ability to engage with people across a wide spectrum from customers to employees. This is an important supporting investment for TRI Cap as it very much underpins what we are all about – that is to help fund, resource and grow Borders based businesses.”

Peter Murphy, MD of Turnbull and Scott, added: “These acquisitions are an important step forward for us in terms of realising our growth ambitions. CEH has a good track record and brings a complimentary product range and route to market to our existing business. It also enables us to strengthen our management team, building on our experience and technical knowledge both in heating and electrical.

“The Tykel equipment represents an investment in the type of CNC metal working we can use for our existing products, but also brings the capability which many borders companies can utilise to source high quality metal working services locally.”

END                                                                                                                 29 APRIL 2010

Issued on behalf of TRI Cap by Eileen Prior, PR Consultant.  Telephone 07802 180 412 for further information.


Visit www.tricapital.co.uk for more information.


 

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