Innovative construction supporting business Fast-Form Systems Ltd has secured funds of £1.5 million to execute international growth plans, while creating 11 new jobs.
The brainchild of Grimsby entrepreneur Tony White, the formwork products hold in place concrete during a pour on a build, are reuseable, portable and easy to assemble.
They replace crude single-use timber framing with easy-fix adjustable steel brackets, which are all made and fabricated in the town.
Investment has been secured though Maven Capital Partners as part of the Northern Powerhouse Investment Fund.
The South Humberside Industrial Estate business will now bring forward an ambitious marketing strategy as it seeks to continue to exploit growth opportunities in the US.
Mr White, managing director of the six-year-old firm, said: “This latest investment represents our next step in the growth of the business in the UK and also in our growing export markets. The fact we are a British manufacturer and exporter is something we are very proud of and we look forward to growing our business here in the UK and also in the USA where we are making inroads into a booming market. We have also taken distributors in New Zealand and Barbados in 2019 and hope to expand Fast-Form worldwide.”
Construction contributes more than £110 billion to the UK economy alone and, with the UK government committing £50 billion to HS2 rail, £35 billion to infrastructure alongside a growing housing market, a spike in the sector appears imminent.
The US construction industry, a key growth market for Fast-Form, is among the world’s largest, with total construction spending increasing by 1.1 per cent year-on-year, reaching one trillion dollars.
Dave Furlong, investment director at Maven, said: “Fast-Form is one of the only full-service systems in the construction industry providing a cost-effective solution for contractors and helping to reduce its customers’ carbon footprint. Tony is a highly experienced formwork specialist and has grown the company, which now supports an impressive client base. We look forward to working with the team as they embark on an exciting new growth phase.”
The company has already exhibited at the World Of Concrete Show 2019 in Las Vegas, and secured significant orders Stateside with distributor Spec-West, One recent order saw £500,000 of kit sent out to California.
Mr White, who first worked in construction as a steel fixer on his home town’s indoor shopping centre, Freshney Place, went on to develop construction software as a contractor before turning to his long-held development.
Fast-Form turned over £1.6 million in 2018, with the 15-strong team to be boosted further.
Phil Glover, business development manager at Humber LEP, said: “We are delighted to see Fast-Form Systems Ltd receive investment from the Northern Powerhouse Investment Fund. Fast-Form is one of the fastest growing companies in Grimsby. It is an SME setting an excellent example of how to break into overseas markets by introducing new innovative products to the building industry and in so doing, minimise construction times whilst reducing site waste.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
