A South Devon soft play equipment manufacturer has secured half a million pounds to expand internationally and create new jobs. The Play Company said it would use the loan from the British Business Bank’s South West Investment Fund to support its growth plans, including the creation of 20 new roles over the next three years.
The Kingsbridge-based company was founded in 1998 as a play area cleaning and maintenance firm, but now designs, manufactures and installs soft play structures, interactive play areas and sports pitches for the family entertainment centre sector.
The family-run business said it had experienced “significant growth” last year with an almost 70% increase in turnover.
Managing director Elliott Myatt, whose father Adrian set up the business, said: “We’re excited to use this South West Investment Fund loan to build on recent successes and convert our robust pipeline into new contracts.
“As a newly profit-generating business, we don’t fit the criteria for high street lenders so finding in FSE a funder that is focused on the growth potential of our offering is refreshing. This investment will be pivotal in achieving our ambitious growth targets.”
The funding from the British Business Bank will also enable the company to expand into larger premises to accommodate its growing team, the business added.
Rob Ward, investment manager at The FSE Group, said: “As a projection-led lender, we are thrilled to support The Play Company, a business with a strong reputation and significant growth trajectory both in the UK and internationally. The award-winning management team has demonstrated resilience and innovation, and we are confident in their ability to achieve their ambitious expansion goals.”
The South West Investment Fund offers a range of commercial finance options to SMEs in the region, with loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m.
Paul Jones, senior investment manager at the British Business Bank, added: “The South West Investment Fund is designed to unlock growth opportunities for businesses across the region, and The Play Company is a great example of the impact that access to finance can have, especially when a business might not have the trading track record to satisfy many lenders. This investment will drive future growth and create a significant number of new jobs.”