Screens at Work Limited have been successful in gaining a £200,000 loan from the Regional Growth Loan Scheme (RGLS), managed by Finance East and financed by the East of England Development Agency (EEDA).
Screens at Work was established in 1993 and was bought by its present management team in 2004 supported by investment from a Venture capitalist. It 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. With a strong management team the company has developed a range of acoustic screening products, with research showing that use of their products in the modern, open-plan office environment increase business productivity by 20% and significantly reduces absenteeism.
Their clients range from banks and building societies to airlines, software houses, recruitment consultants, advertising agencies and manufacturers.
The company’s customers reduced orders during the recession, but the company remained profitable – however, the terms of VC investment meant that with 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 site, 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 their diverse needs and the ever increasing demand for employee-centric work environments, SAW are constantly evolvingtheir products, always with a passion for design and a keen eye for detail that has earned them an excellent reputation for quality and service. The company is still growing in today’s tough environment.
Nick Turner, Managing Director at Screens at Work said, ‘’ Stuart and the team at Finance East were very thorough and helpful through out the whole process we can now move the business to the next level,’’
Stuart Ager, Senior Fund Manager at Finance East commented, ‘’Screens at Work have a strong track record, a growing customer base and the opportunity to achieve significant growth. They have a very committed and experienced senior management team and we are delighted to be able to provide the financial support required to enable them to achieve their expansion plans”