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A Scottish firm that has developed a lightweight alternative to scaffolding has won £600,000 backing from private investors to help accelerate its international growth plans.
Edinburgh-based WEB Rigging raised the money to build up stocks of its novel access systems amid signs that there will be big demand for the company’s products overseas.
Started by partners Jo and Gordon Bisset, who worked as industrial abseilers, WEB Rigging has developed rope-based systems that can carry the weight of people.
These can be used as an alternative to erecting fixed scaffolding by firms that need to get access to the undersides of structures like bridges and oil rigs.
Jo Bisset, managing director of WEB Rigging, said the systems can allow maintenance firms to make big savings on costs while speeding up work. This can help them to win orders from customers in industries like oil and gas, she said, in which issues of cost and timing are often critical to the success of jobs.
She said WEB Rigging decided to raise the funding after getting clear indications that there could be strong demand for WEB Rigging’s kit in places such as Singapore and Australia, where the oil and gas and commodities boom is fuelling a surge of investment in infrastructure. The company has already won orders in both countries.
It is in talks regarding a substantial contract in Australia.
“We have growth plans for the business and the feedback we are getting is that there is real demand for our products,” Ms Bisset said.
She said the new equity funding would be used to increase the size of the rental estate. WEB Rigging will also invest in its customer support function.
“We need to have the right expertise in the right locations to support clients,” said Ms Bisset. Some £100,000 of the funding has been provided by Keith Lawrie, a Singapore-based specialist in rigging and lifting systems who will provide technical expertise for clients in the Asia-Pacific region.
The remaining £500,000 came from two investors, one of whom is based in the United States. Ms Bisset said WEB Rigging’s long-term plan includes a move into the American market.
Ms Bisset did not give any other details of the investor base, which includes a family office.
She said WEB Rigging is on course to achieve strong growth in the current year.
Based on recent trading, WEB Rigging expects to grow turnover to £1.4m in the year to January, compared with £770,000 in the preceding year.
Ms Bisset said the company had had no indication that the controversial hike in North Sea taxes that was included in the Budget in March would hit trading.
“We have not seen any impact come through yet. Our clients deal with fabric maintenance which has to be done,” she said.
Source: Herald Scotland
Edinburgh-based WEB Rigging raised the money to build up stocks of its novel access systems amid signs that there will be big demand for the company’s products overseas.
Started by partners Jo and Gordon Bisset, who worked as industrial abseilers, WEB Rigging has developed rope-based systems that can carry the weight of people.
These can be used as an alternative to erecting fixed scaffolding by firms that need to get access to the undersides of structures like bridges and oil rigs.
Jo Bisset, managing director of WEB Rigging, said the systems can allow maintenance firms to make big savings on costs while speeding up work. This can help them to win orders from customers in industries like oil and gas, she said, in which issues of cost and timing are often critical to the success of jobs.
She said WEB Rigging decided to raise the funding after getting clear indications that there could be strong demand for WEB Rigging’s kit in places such as Singapore and Australia, where the oil and gas and commodities boom is fuelling a surge of investment in infrastructure. The company has already won orders in both countries.
It is in talks regarding a substantial contract in Australia.
“We have growth plans for the business and the feedback we are getting is that there is real demand for our products,” Ms Bisset said.
She said the new equity funding would be used to increase the size of the rental estate. WEB Rigging will also invest in its customer support function.
“We need to have the right expertise in the right locations to support clients,” said Ms Bisset. Some £100,000 of the funding has been provided by Keith Lawrie, a Singapore-based specialist in rigging and lifting systems who will provide technical expertise for clients in the Asia-Pacific region.
The remaining £500,000 came from two investors, one of whom is based in the United States. Ms Bisset said WEB Rigging’s long-term plan includes a move into the American market.
Ms Bisset did not give any other details of the investor base, which includes a family office.
She said WEB Rigging is on course to achieve strong growth in the current year.
Based on recent trading, WEB Rigging expects to grow turnover to £1.4m in the year to January, compared with £770,000 in the preceding year.
Ms Bisset said the company had had no indication that the controversial hike in North Sea taxes that was included in the Budget in March would hit trading.
“We have not seen any impact come through yet. Our clients deal with fabric maintenance which has to be done,” she said.
Source: Herald Scotland
:laugh::laugh: