A commercial cleaning company has received financial backing from an investment project supporting areas of the UK affected by changes in the steel industry.
The Tomorrow’s Cleaning website reported on 8 January that Coronet Clean Team, based in Cumbernauld, had received a five-figure loan to help it expand across Scotland and the north of England by creating 26 full and part-time jobs.
The money has come from UK Steel Enterprise (UKSE), a regeneration subsidiary of Tata Steel, which has been providing funding, through loans and equity investments, to small and medium-sized businesses for 40 years.
Coronet provides a range of services, including office and serviced property cleaning, window cleaning, washroom hygiene and property repairs and maintenance.
Managing director Scott Wylie told Tomorrow’s Cleaning: “Working with UKSE has been excellent. Not only does the funding give the company breathing space to explore new revenue streams, the support UKSE has provided throughout the process has been second to none.”
Anne Clyde, regional manager at UKSE, added: “Coronet Clean Team has real potential for growth. When meeting Scott it was clear he had the enthusiasm and aspiration to develop the company.”
The Coronet case highlights the growing number of businesses tapping into sources of finance other than traditional bank finance, including peer-to-peer lending and crowdfunding to support investment or expansion.
At Palmers, we can provide expert advice to business owners on corporate finance issues, including asset finance, debt finance, equity finance and venture capital. We can also advise in relation to business transactions, such as mergers, acquisitions and sales and management buyouts. For more information, please contact BJ Chong.