An Essex based business has taken the next steps on its growth journey with the help of an East of England Regional Growth Loan.
Reviveaphone, with its head office in Boreham near Chelmsford, was set up in 2012 by Oliver Murphy, then 18 years old, to sell his repair product for water damaged mobile phones. Now 23, Oliver is focusing on a customer driven solution for smartphone repair services.
As Oliver explains: “I started fixing phones in my bedroom when I was 15 years old so feel I have always been in this business. The water damage product is a great quick fix for some scenarios but its effectiveness is limited. With damaged screens accounting for around 75% of all phone repairs, it made sense to tap into this part of the market, but I wanted to find a way to do this that would really meet the needs of the customer and give my business a very clear USP.”
Reviveaphone operates a mobile service, bringing its fully kitted out repair workshop vans to the customer’s home or workplace, fixing the device on site. As we see an increasing reliance on uninterrupted connectivity within society, individuals are reluctant to be without their devices and are therefore drawn to a service that doesn’t require this. Although while you wait services do exist, most do not provide the convenience of the fix coming to you and those that do, often don’t have the equipment to deal with more complex repairs. Reviveaphone is also the only mobile repair provider to offer a wide geographical coverage, now operating across Essex, Cambridgeshire, Suffolk, Hertfordshire, Surrey, Brighton and Kent.
The £50,000 Regional Growth Loan has been used to fit out and stock 4 new vans, increasing the fleet to seven and enabling geographical expansion.
Francis Kenealy, Fund Manager at Finance East, which manages the Regional Growth Loan Scheme (RGLS), comments: “Oliver has done a fantastic job of getting the business off the ground and developing a service that is really sought after by a large section of the population. With this loan and the expansion of the fleet, the business is moving towards its goal of national coverage. Once achieved this will open further opportunities in the insurance market, which Reviveaphone is hoping to exploit.”
The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.
For more information about the Regional Growth Loan Scheme contact Francis Kenealy on 07825 699435 or email firstname.lastname@example.org.