Northampton-headquartered TCL has become the eighth company to receive an eight-figure investment from the bank-backed Business Growth Fund (BGF) since it began operations in 2011.
As a provider of estate management and landscape installation, design and consultancy services, TCL is divided out into three brands. The business is forecasting turnover of £30 million for 2014 and was recently included in the London Stock Exchange’s 1000 companies to inspire Britain report.
The £10 million the BGF has committed will be used to fund growth through organic and acquisitive means. TCL hopes to capitalise on developments such as the government’s Help to Buy scheme.
Alongside the equity capital, TCL has also secured £8.4 million of debt cash from Investec Growth & Acquisition Finance.
Simon Cashmore, chief executive at TCL, comments, ‘We are delighted to have secured funding with long-term partners to allow us to continue to build and develop TCL over forthcoming years.
‘Despite the economic headwind, TCL has performed extremely well over the last few years and is now ideally positioned to support increased demand from the UK property market.’
More on 2014 BGF investments:
- Ninth generation Potteries business turns to venture capital
- Business Growth Fund backs 50th company
- Rutland Cycling rides off with £2.8 million investment
Through its TCL Landscapes, Clean Estates and Admiral Play divisions, TCL has clients including Barratt Homes, Persimmon Homes and Savills.
Joining as chairman, and recruited through the BGF’s Talent Network, is Stuart Black. Currently executive chairman at Lakehouse Group, Black is also formerly CEO of Mears Group and is said to have a ‘wealth of experience’ in working in a high growth, customer service-focused contracting business.
Mark Freer, investment director at BGF and new board member at TCL, adds, ‘Our investment in TCL is a great opportunity to back management to continue the company’s excellent growth story in an increasingly favourable market environment.
‘Our funding is well suited to accelerate this through further strategic acquisitions in the sector and also through organic growth.’
The BGF has now closed eight deals during 2014 involving companies in the cycling, oil and gas and formalwear sectors. Since beginning to invest in 2011, the fund has provided £300 million to growing businesses in the UK.
