Steel group invests in furniture firm
Aquapac doubles up after funding from UKSE
Furniture manufacturer, Aquapac, is doubling its office space and staff numbers after receiving a third round of funding from UK Steel Enterprise (UKSE).
As part of a total funding package worth £1.6 million, UKSE has backed Aquapac with a five-figure loan which will allow the Cumbernauld-based company to invest in premises, new equipment and create jobs.
Aquapac produces wooden furniture products for hotels, student accommodation and offices, while the company’s biggest stream of revenue comes from exporting its bespoke aquarium and vivarium cabinets.
The new workspace in Cumbernauld increases capacity from 24,000 sq. ft. to 50,000 sq. ft. The move, coupled with the funding, also enables Aquapac to double its staff numbers from 16 to 32 full time employees over the next three years.
The investment provided by UKSE, the Tata Steel subsidiary set up to encourage regeneration in traditional steel producing areas, will support the company’s aim to triple revenue through continued export of its pet furniture products and growing its market share in the domestic furniture sector.
Stephen Connachan, managing director at Aquapac, said: “We were bursting at the seams of our rented accommodation and the funding from UKSE has allowed us to purchase office and workshop space which complements our ambitions perfectly.
“Not only are we now able to push production to the next level, the company now owns property which puts us in a strong position financially.”
Scott Webb, regional executive at UK Steel Enterprise, said: “We have a long standing relationship with Aquapac, and since our first investment in 2010, Stephen and the team have gone from strength to strength since carving out a niche market for themselves.
“The new workspace will enable them to reach their great potential and I’m looking forward to working with them as they realise their goals.”