BIW Technologies, whose software is being used in the construction of London’s Olympic Village, has completed a recapitalisation.

BIW Technologies, whose software is being used in the construction of London’s Olympic Village, has completed a recapitalisation.

The Surrey-based company has replaced all of its outstanding debt, some £3.5 million, with equity after completing the deal with NovaVest Fund 1, a vehicle advised by Tempo Capital Partners, formerly BIW’s largest creditor.

The deal also secures around £300,000 of new working capital to develop the business.

The company’s CEO Colin Smith says, ‘This is great news for all the company’s customers and creditors. BIW is now financially and operationally far stronger, there is no debt and we have strong cash reserves.’

BIW, which delivers its construction and engineering software online, generated operating profits of more than £1 million on sales of £7.5 million in the year to September 2008, and continues to trade profitably.