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.
The new 10,000 sq ft premises, based at the Shireoaks Triangle Business Park, will enable CWE to expand its work in safety critical engineering with energy, rail and steel companies and their industry service providers.The Nottinghamshire plant consists of a CNC machine shop and a coupler refurbishment shop. The facility has already allowed for the creating of 18 new jobs, and the company is now planning a second shift which will create the same number again.Speaking about the new facility, Chris Brown, managing director of CWE, said: “The opening of our new facility in Shireoaks has been a long journey, but it has been worth it. Across our businesses we provide solutions to the rail, steel and energy industries. We have identified an opportunity for significant growth in the rail aftermarket, hence our push to move a substantial part of this work to a larger location in Worksop.”CWE’s new facility was opened by councillor Sybil Fielding, chairman of Nottinghamshire County Council. Speaking at the ceremony, she said: “I am honoured to be opening CWE’s new facility today. As a local councillor for Shireoaks, I also know how important it is to create new and skilled jobs in the area, and CWE is helping us to achieve that. I know that the directors have great plans for the business and I’m sure that over the coming years, the company will continue to grow, bringing new jobs and wealth to north Nottinghamshire.”Some £1.5m of funding for CWE’s new manufacturing facility came from the Foresight Nottingham Fund