Growth for Spaceright Europe

Growth for Spaceright Europe

Cumbernauld-based Spaceright Europe has successfully completed its initial growth strategy with help from The Scottish Loan Fund (SLF).

The manufacturer, which supplies furniture, presentation products, toys and activity equipment for the education sector, received an initial investment of £2.2m from the SLF backing its acquisition of Educational Technology, as well as supporting product development.

In 2015 SLF further supported Spaceright in the acquisition of Millhouse Manufacturing Design, a designer and manufacturer of a complementary range of educational toys and furniture for nurseries and schools.

The manufacturing firm has doubles both its turnover and its headcount, now employing around 90 staff across three locations.

Maven Capital partners also worked closely with the management team at Spaceright to help deliver the firm’s growth strategy.

Alan Symon, director at Spaceright, said: “We are extremely appreciative of the role the Scottish Loan Fund and Maven have played in supporting our recent growth, and in particular with the completion of two very important acquisitions which have established Spaceright’s overall offering as the most comprehensive in the sector.

“This success would not have been possible without the financial support of SLF and the strategic and commercial input of the Maven team. Working with Maven has been a great

experience and the outcome has been very successful for all involved.”

Michelle Kinnaird, investment director at Scottish Investment Bank, said: “The Scottish Loan Fund continues to be a valuable source of finance for ambitious, growth-oriented SMEs, and it’s great to see the impact that this funding has had on helping to take Spaceright to the next level.

“We hope that other companies in a similar position will see this success and be inspired to consider how best they can finance their own growth plans.”

David Milroy, investment director at Maven, added: “We are delighted to have been able to support Spaceright in achieving such strong growth since 2014.

“We have been impressed by the management team’s drive and vision, which has seen Spaceright grow, both organically and through two successful acquisitions, to create an enlarged business with a market leading early-years offering.

“Spaceright’s success exemplifies the potential for the Scottish Loan Fund to support dynamic businesses in achieving their growth aspirations.”

 

 

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