Sleaford–based supplier of loading bay equipment, Fen-Bay Services, announced it is to receive “substantial”, but undisclosed new investment from Hockley Capital.
The investment was arranged by Chelverton Asset Management, an investor in sub-FTSE 100 quoted equities and unquoted SMEs. It allows the existing executive team - led by Carl Sedlan and John Aitken - to invest further in management resources and develop the platform needed to support anticipated growth over the coming years.
It also allows Fen-Bay to focus on new product developments - like the recently launched ‘Eco-Bay’ a patented and environmentally-friendly ‘off-grid’ door control system.
Chelverton director Richard Bucknell said: “Carl and John have already delivered tremendous success at Fen-Bay over recent years - exploiting their extensive product knowledge and ‘can do’ attitude to deliver market-leading solutions to an increasingly demanding retail and logistics client. It is therefore to their great credit that they both recognised that this success could only be sustained by bringing in an experienced partner and, with Hockley Capital, they now have an investor who shares these same ambitions.”
Managing director Carl Sedlan added: “The last few months has been a steep learning curve for all of us and, in spite of the potential distraction of the investment process itself, the Company has continued to perform - enjoying its busiest year to date. We continue to deliver for our customers and, with the support of both Chelverton and Hockley, will now be ready for the next stage in the development of Fen-Bay Services”
Fen-Bay installs loading bay equipment, industrial and high-speed doors, gates and barriers - and carry out service, maintenance and repairs for customers across the UK and Ireland.