“We have huge ambitions for the company and the support from the Development Bank of Wales is crucial to achieving these. We are securing relationships and working with several manufacturers with strong brands to sell into the UK. We want to become the largest independent distributor of these types of products with our own branded product range too.”
Spotnails, based in Bedwas, Caerphilly, is a long-standing independent distributor of tools and fastener products to the UK building industry.
A multi-million pound equity investment funding package supported a management buy-out (MBO) of the business.
The Development Bank bolstered the existing management team of Sales Manager Jason Quaife and General Manager Craig Bates by bringing on board an experienced Finance
Director, John Jeffreys. The management team also invested their money in the business and Ultimate Finance provided an asset-based lending facility.
With the new funding and a highly experienced management team, the business has strong ambitions and a focus on growth.