Accountancy service Mazuma buys new offices thanks to £135,000 loan from the Development Bank of Wales

Senior Investment Executive

Bridgend-based Mazuma has purchased the leasehold of new offices following a £135,000 loan from the Development Bank of Wales. The company are currently refurbishing the site at Dragon House, Bridgend and will move in November 2018. 

Founded in 2006 by directors Sophie Hughes and Lucy Cohen, the company offers online and remote accountancy and bookkeeping services to small businesses across the UK. The deal will also allow the firm to hire two new members of staff, taking the total number of employees up to 28. 

Lucy said: “Online bookkeeping, accountancy and tax services are really important to small businesses across the UK and we’ve seen steady, growing demand for our products. This loan has helped secure our future growth.”

Mazuma has previously received funding from Finance Wales, the development bank’s predecessor. 

“The leasehold becoming available on our new office site was a brilliant opportunity to secure a permanent base in the town and expand our growing business,” explained Sophie. “Nav and the team at the development bank were able to support us quickly, enabling us to take full advantage of a timely opportunity. It was a smooth process, with the development bank able to help us quickly when other banks were unable to help us.”

Investment Executive Navid Falatoori from the Development Bank of Wales said: “Sophie and Lucy are a great team and have built up their company and services for over a decade. We’ve worked with them before and we were happy to be able to step-in and offer them important development capital when they needed it. The new offices will help secure the company’s future base, allowing them to focus on offering their services to more customers and to take on additional staff here in Bridgend.”  

The loan came from the Wales Business Fund, which is part-funded by the European Regional Development Fund through Welsh Government. 

Herbert R Thomas in Bridgend supported the development bank with the deal.