Hull door manufacturer wins £600k investment
East Yorkshire manufacturer, Envirodoor, has raised a £600,000 investment from Finance Yorkshire, after setting out its ambitious growth plans.
The firm, which is based in Hull, makes specialist industrial and hygienic doors for a range of industries, including the food, automotive, pharmaceutical, marine, energy, hospital, defence and the film and TV sectors.
Envirodoor has operations across the UK and Europe alongside its sister company, Interdoor AB, which is based in Scandinavia.
Mark de-Villamar Roberts, managing director of Envirodoor, said: “We are one of Europe’s leading specialist door companies and the investment from Finance Yorkshire has provided the support we needed not only to maintain our position as a key player in the European specialist door market but to grow.
“The investment will be used to support the company’s marketing, recruitment and research and development programmes.”
The business is the first in Yorkshire to receive an equity investment from Finance Yorkshire, which provides seedcorn, loans and equity linked to investments between £15,000 and £2m in addition mezzanine finance.
Andrew Burton, head of Finance Yorkshire’s equity team, commented: “There has been a significant upturn in Envirodoor’s order book over the last 12 months, along with a requirement for further developmental work across its impressive product range.
“As such, a mezzanine finance package was considered most appropriate for their funding needs. It will help the company to continue growing its distribution network in the UK and across Europe and to build relationships with key partners in the industry.”
Finance Yorkshire was represented by Walker Morris of Leeds, and external due diligence was carried out by RSM Tenon while Envirodoor was advised by Dickinson Dees.
Mr de-Villamar Roberts added: “We worked closely with Finance Yorkshire to find a funding package that suited our business needs and we are delighted with the result.
“We would recommend businesses in Yorkshire to speak with the Finance Yorkshire team to see if there is a funding package available that meets their requirements.”
This was posted in Bdaily's Members' News section by Miranda Dobson .
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular Yorkshire & The Humber morning email for free.