NPIF – Maven invests £1.5 million in Fast Form
Specialist formwork manufacturer secures funding to exploit growth opportunities in the US and create jobs in the Humber
NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund has invested £1.5 million in specialist formwork manufacturer, Fast Form Systems Limited (“Fast Form”).
The funding will enable the company to execute its ambitious marketing strategy, continue to exploit growth opportunities in the US and create 11 new jobs.
Fast-Form is a range of systems used in the construction industry to hold in place concrete and/or reinforced concrete structures. The systems are unique in that they can be adapted to many different applications; none of the existing systems are able to provide all of the applications of Fast-Form. Its products are quick and easy to implement and, being relatively light-weight, can be moved and assembled without the need for machinery, making them far more cost effective. In addition, compared to more traditional methods of formwork such as timber, which is non-reusable. Fast-Form, with its considerably smaller carbon-footprint is able to partially address a significant and growing issue in the sector.
Construction contributes over £110bn to the UK economy alone and, with the UK government committing £50bn to HS2 rail, £35bn to infrastructure alongside a growing housing market, a spike in the market appears imminent. The U.S. construction industry, a key growth market for Fast-Form, is among the world’s largest, with total construction spending increasing by 1.1% year on year, reaching $1,096.6bn annually.
The business is run by highly experienced Managing Director, Tony White, who established the company in 2013 and has over 30 years’ experience in reinforced concrete construction, specifically in formwork. Chairman, Dr David Bramwell, has a degree in Civil Engineering, with a Ph.D. in Business Management and Systems and has many years’ experience holding Non-Executive positions in several companies.
Tony White, Managing Director of Fast Form, said: “This latest investment represents our next step in the growth of the business in the UK and also in our growing export markets. The fact we are a British manufacturer and exporter is something we are very proud of and we look forward to growing our business here in the UK and also in the USA where we are making inroads into a booming market. We have also taken distributors in New Zealand and Barbados in 2019 and hope to expand Fast Form Worldwide.”
Dave Furlong, Investment Director at Maven said: “Fast-Form is one of the only full-service systems in the construction industry providing a cost-effective solution for contractors and helping to reduce its customers’ carbon footprint. Tony is a highly experienced formwork specialist and has grown the company, which now supports an impressive client base. We look forward to working with the team as they embark on an exciting new growth phase.”
Phil Glover Business Development Manager at the Humber LEP added “We are delighted to see Fast Form Systems Ltd receive investment from the Northern Powerhouse Investment Fund. Fast Form is one of the fastest growing companies in Grimsby. They are an SME setting an excellent example of how to break into overseas markets by introducing new innovative products to the building industry and in so doing, minimise construction times whilst reducing site waste.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.