TCL secures follow-on funding
TCL Group has acquired Playforce, a designer and builder of children’s play areas, after receiving further investment from BGF.
This is the third acquisition TCL has completed in seven months, as part of its strategy to provide a range of outdoor services and consultancy to house builders, local authorities, schools and heritage estates. In particular, the move will help the Northampton-based business scale up its ability to sell a range of services to the education sector. It acquired Burleys in June 2014 and ALS in August 2014.
Founded in 1998 and headquartered in Melksham near Bath, Playforce has gained extensive experience in designing and installing outdoor play environments aligned to school curriculums. The two businesses intend to take advantage of new opportunities in the education sector as purchasing power moves from local authorities to schools.
TCL Group is on track to achieve turnover of £45m this financial year, up from £22m at the time of BGF’s first investment in May 2014, which was made in conjunction with Investec Growth & Acquisition Finance’s debt funding package. This equates to an eight fold increase since chief executive Simon Cashmore bought the company in 2007. BGF, which backs growing UK businesses, has now invested a total of £15.1m in TCL.
VTL SECURES FURTHER FUNDING
VTL Group has received a further £1.5m investment from BGF, alongside loan funding from HSBC. BGF has now committed a total of £5.5m in the business, following an initial investment in September 2013.
The funding will be used for a capital investment programme ahead of commencing an eight year project to supply engine components through Ryobi UK to Jaguar Land Rover (JLR) for use in its new engine platform. This is the first Jaguar engine designed and built in-house since the late 1990s. From its manufacturing sites in Huddersfield, VTL will commence supply of components to JLR’s new £350m factory in Wolverhampton in the second half of 2016.
VTL is one of the UK’s largest precision contract manufacturing businesses within its specific niche areas of turbo and transmission components. The core end users of commercial vehicles and passenger cars are growth markets and VTL is well positioned to capitalise on this with its technical expertise and world-class facilities. Existing customers include Cummins, Toyota, Renault, Nissan, Delphi, Ryobi, JLR and Schaeffler.