A Matlock-based company, Mobile Visual Information Systems (MVIS), has secured a £1.94m finance package to help with its growth in supplying roadside solar powered mobile signs.
The funding package complemented the asset backed funding provided by Reward Capital and enabled MVIS to secure a multi-million pound contract to deliver signage for Highways England’s M1 smart motorway project, which is currently being piloted on the M1 corridor at three sites between junctions 42 and 15. As part of the contract, MVIS invested in 136 new portable, solar powered, five colour matrix signs and partnered with Bartco UK, manufacturer of the signs, to deliver the largest deployment of portable variable message signs on the smart motorway project. The contract and finance package has put the company on target for a 500 per cent increase in turnover over the next three years following double and treble digit growth in turnover and profits over the previous two financial periods. Pat Musgrave, managing director of MVIS said: “Securing the finance has not only enabled us to deliver signage for the Smart Motorway project but also cemented our reputation as market leader in mobile signage and pave the way for international expansion for the company.”The funding, which was provided by Lombard Technology Services (LTS), was negotiated on behalf of MVIS by Chesterfield-based Mitchells Chartered Accountants and Business Advisers.
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