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Regional Growth Fund - Venture Banners Ltd

Venture Banners Ltd

Company profile

Venture Banners was started in January 2009 with the clear mission of making large format print available to the jobbing printer, enabling him to add this lucrative market to his existing portfolio of services.

Just 18 months later, after starting out from an office in a garage, the business was handling a turnover of close to a million pounds. There are now multiple machines and 22 people from production staff to web developers who are dedicated to working in the background to give all printers the opportunity to benefit from economies of scale to build a large-format revenue-stream.

Challenge

When founders Scott and Wayne visited the Efi Centre in Belgium and saw the newly released GS3250r Vutek they knew that as soon as they were able to, they would have to invest in one.

By September 2013 the company’s sales had increased significantly, pushing their current machines to full capacity and meaning that investment in the Vutek, which can produce full size banners at high speed, was justified.

However, they didn’t have a sufficient deposit and cash flow had to be very carefully managed.

Solution

Venture Banners contacted Close Brothers Asset Finance, explained their situation and were pleased to discover that they would be eligible for a grant from the Regional Growth Fund.

With the help of Close Brothers, Venture Banners applied for and were successful in gaining a grant of £30,000, which would cover the deposit. Close Brothers then set up a Hire Purchase agreement to lend £150,000 to the customer to purchase the asset in question.

Result

Founder Scott Conway said: "Our turnover has grown exponentially and business is booming. We are based in a deprived area employment-wise and have been able to create jobs for many people who had been long-term unemployed.

"The Regional Growth Fund does exactly what it says on the tin; it gave us a grant which in turn allowed us to access further finance to grow our business. It's a fantastic initiative and Close Brothers made it very easy for us, guiding us through the process," he added.