Sheffield Manufacturer Secures Funding With Support From Irwin Mitchell

16th January 2014

Business Targeting Significant Growth Over Next Three Years A Sheffield-based business has set its sights taking turnover to £60m in the next five years after securing a £3m funding package from The Royal Bank of Scotland (RBS).

Based at Smithywood Business Park in Sheffield, EMSc specialises in manufacturing energy saving devices for a range of clients including Premier hotels, the Whitbread Group and Asda. Following the latest investment, the business is looking to capitalise on domestic demand, as well as that from overseas-based companies. These currently include companies such as the Investec Bank in South Africa. EMSc employs over 100 people and has a turnover of £12.8m. Alex Mardapittas, CEO at EMSc said: -The global community has ambitious strategies to reduce reliance on fossil fuels and, being the only company in the world with a patent on a voltage optimisation (VO) product, our technology can significantly help in achieving these goals. These funds will enable us to grow in our existing UK and overseas markets and target other markets such as the USA and China. Stuart Watson, Simon Bellamy and Darren Marshall from RBS structured the funding deal. RBS was advised by Dean Gormley, Banking & Finance partner at law firm, Irwin Mitchell, together with Sheffield Corporate partner Matt Ainsworth. Dean Gormley, Head of Banking & Finance in the North, said: -EMSc is an impressive business which is on track for further growth. This injection of capital will provide the financial headroom required to explore its domestic and international growth. This deal again clearly demonstrates the willingness of banks to get behind and support well-run, fast-growth businesses with huge potential. Stuart Watson, director at RBS, added: -The RBS team was delighted to support this business. It is always good to see a local manufacturer with a product that is both innovative and energy saving competing successfully abroad. Our loan structure reflected the forecast cash generation of the expansion plans rather than rely on a more traditional security based approach.

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