Lampeter based Deckrite is expanding its range of services to homeowners following a management buyout that was part-funded by a six figure loan from the Development Bank of Wales.
As a family owned business, Deckrite was first established by John Thomas and his son Barry in 2010. The company has traditionally provided high quality decking, fencing and balustrades for caravans. All products are made in the UK and are 100% recyclable.
Matthew Parsons joined as Sales Manager in 2014 and quickly grew the customer base, helping Deckrite to become a recommended supplier for Parkdean Resorts, Haven and Bourne Leisure in Mid and South Wales. With a team of eight plus regular sub-contractors, Deckrite is now expanding in to the domestic property market with Matthew having taken over the reins from John and Barry Thomas.
John Thomas said: “Barry and I started the business but Matthew has been an integral part of the team, increasingly taking on responsibility for running the operation along with all aspects of customer service. As I approached retirement and Barry started getting more involved with other businesses, it made sense to work with Matthew to manage our exit in a way that protects the team and the quality that our customers have come to expect from Deckrite. For us, it gives us reassurance that the business is in safe hands and has an exciting future ahead.”
Director Matthew Parsons said: “Deckrite is a great business with an excellent team who all understand the importance of designing and installing products of the highest quality for our customers. I’m very proud to now have the opportunity to develop our services by also offering decking, fencing and balustrades for the domestic property market in Mid and South Wales.
“The funding from the Development Bank has helped us to complete the management buyout and set us up for future growth; using our knowledge of the business and the market to realise our true potential as a team.”
Clare Sullivan is Regional Manager for the Development Bank. She worked on the deal alongside Investment Executive Ashley Jones. Clare said: “Deckrite is a well-established and respected family business that operates in a very specific market in Mid and South Wales yet there is good opportunity for growth. We’re pleased that our funding has enabled Matthew to take on the business and create a long-term sustainable future for the wider team.”
The funding for Deckrite came from the £216 million Wales Business Fund which is financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.
