A modular buildings manufacturer which tripled its turnover during the pandemic has secured a £200,000 loan to support its further growth.
Actiform has raised funding from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF). The company has played an active role in helping the NHS extend capacity by creating additional hospital space and rolling out new diagnostic sites around the UK.
It is currently working on projects at Glenfield Hospital near Leicester, Princess Alexandra Hospital in Harlow, and Southend University Hospital, as well as providing site accommodation for contractors working on HS2, the smart motorway programme and other major infrastructure projects.
Actiform has also been helping clients to reduce carbon usage by incorporating high levels of insulation, solar panels, heat recovery units and heat pumps in its buildings. It recently supplied a carbon neutral endoscopy unit for a healthcare group in Aberdeen.
Established in 1984 by Stefan Dransfield, the current Managing Director, Actiform is now one of the largest independent manufacturers of modular buildings in the UK, employing around 60 staff at its Mirfield headquarters. The company also manages specialist site teams and a wide range of subcontractors.
Actiform’s turnover rose from £7m to £23m in the 12 months to September 2021 and is set to increase further in the current financial year. The latest funding is the third round it has received from NPIF – Mercia Debt Finance in the past three years and will enable it to expand manufacturing capacity on its site and provide working capital to finance new projects.
Stefan Dransfield says: “Our business has gone from strength to strength in the past couple of years and the support we have received from Mercia and NPIF has been instrumental in that. The projects we take on require a major upfront investment in structural steel and manufacturing and the money can be tied up for long periods. Without this funding, we wouldn’t have been able to take on some of these projects and certainly would not have been able to achieve this level of growth.”
David Wright of Mercia added: “Actiform is an established business that has undergone a real step change in recent years. The previous funding has enabled it to take advantage of strong demand from the NHS and establish itself as a key player in the sector. This latest round will allow it to continue its growth story and create a number of other jobs in the year ahead.”
Sean Hutchinson of British Business Bank, said: “It is fantastic to see business like Actiform building on their success and utilising NPIF to take the next step in their growth journeys. Since its 2017 launch, the Northern Powerhouse Investment Fund has been key to delivering access to finance to businesses across the North of England and we are proud to support another exciting business here in Yorkshire.”
Phil Bentley of Bentley Associates based in Harrogate provided fundraising advice to Actiform.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.