WORLD VISUAL SECURES FUNDING FOR EXPANSION PROGRAMME

A Caerphilly-based company will soon be relocating to larger premises to cope with an increase in customer orders, thanks to advice from independent chartered accountancy firm, Broomfield & Alexander and grant aid from the Welsh Assembly Government.

World Visual Limited has recently been offered a Regional Selective Assistance (RSA) grant of £170,000 from the Welsh Assembly Government to relocate and expand the manufacture of visual merchandising products.

Established in 1996, World Visual Limited designs, manufactures and markets visual merchandising equipment, including mannequins, for many leading retail outlets such as Harrods, Debenhams, Harvey Nichols, House of Fraser, Habitat and Marks & Spencer. The design and sales showroom is located in London, while all manufacturing operations are based in Caerphilly. The move to larger premises, giving the company a total of 90,000 sq. ft, will allow them to operate more efficiently, as well taking on 10 more employees over the next two years to ease existing workload and prepare for future growth.

Adrian Dykstra of World Visual Limited said: “When the company first started we had five customers – we now have in excess of 100. In order to keep up with this growth and expand further, it is imperative that we move to larger premises. We knew that we would probably be eligible for some form of funding, but with all our efforts focused on running the business it was difficult for us to spare the time to research the various eligibility criteria. Broomfield & Alexander did all this for us and by taking the time to understand our company from the outset they were able to advise us specifically on grants for which we were eligible.

Mark Jones, Broomfield & Alexander’s lead partner on this application, said: “Many businesses find themselves in the situation whereby they need to expand to cope with the extra work, but are unable to take it on because they don’t have the resources to do so. There are a number of grants available from the Welsh Assembly Government that are specifically designed to help SMEs expand and by working closely with them, we are able to advise businesses on the best way to access funding. In addition to securing the future growth of World Visual Limited, the grant has also enabled them to safeguard 12 jobs and create a further 10 over the next two years. This is especially good news in the current economic climate of South Wales.”

Economic Development Minister, Andrew Davies, said: “The Welsh Assembly Government is committed to helping SMEs to achieve their full potential and it is good to be able to highlight examples of best practice. World Visual Limited is a leading player in its field and by investing in such companies we are contributing directly to Wales’ future economic growth.”

Broomfield & Alexander’s specialist funding team has strong links with funding providers including Welsh Assembly Government, Local Authority Development Units, the WDA, business support agencies and Finance Wales. These links enable it to identify and secure a range of funds for clients. In the last 18 months, it has helped clients secure over £20 million of funding.

For further information about accessing funding or any of the other services that Broomfield & Alexander has to offer please telephone 0800 052 1387 or email infoline@broomfield.co.uk

Established in 1912, Broomfield & Alexander is one of the largest independent chartered accountancy firms in Wales with employees working from offices across South East Wales. It offers an extensive range of business advice and financial planning tips online. Just visit www.broomfield.co.uk and click on the Business Forum.