A Lancashire entrepreneur has received £500k investment from a local private investor after pitching for funding through the Lancashire Business Angels network. David Price, founder of property development business 10ACIA was introduced to Lancashire Business Angels by Steve Wall of the Northwest Business Angels network.
10ACIA was founded in 2013, and specialises in refurbishing properties which are hand-picked by David for their potential to achieve a high rate of financial return. David and his specialist team of employees and sub-contractors then add their magic by renovating the property sympathetically, and to an extremely high standard.
The Lancashire-based private investor has injected £500,000 into 10ACIA to help David maintain the momentum behind the business. David commented: “Everything I have done to date has been self-financed from savings and the profit we made on completed projects, but because the properties had to sell before we could reinvest, we could only operate on one property at a time. It’s been incredibly frustrating.
The funding I have raised will be used purely for the purchase and development of new properties, allowing me to run several projects at the same time.”
Lancashire Business Angels Network has been designed to bring investors and entrepreneurial high-growth Lancashire-based businesses who are seeking alternative routes to funding together.
The network identifies a number of investee companies who pitch to business angels and VC organisations. Haworths Chartered Accountants Directors Paul Spencer and Mark Schofield, and Non Executive Director David Roberts conceived the event.
Haworths now sponsor and organise the event which runs two or three times a year. Commenting on the motivation behind the network, David Roberts said: “We conceived the event because we were working with more and more great businesses that were looking for early stage investment funding, and on the flip side we had connections with high net worth individuals and venture capital organisations that were looking to invest.
As traditionally the investor networks in the North West were Manchester centric it seemed to us the natural thing was to bring all this together in a Lancashire base and the Lancashire Business Angels Network was born.” Since the first event two years ago the network has developed significantly, and attracts investors and investee companies from across the North West as well as its Lancashire base.
All investee companies do a ten-minute ‘Dragons Den’ style presentation to the investors, if investors are interested they make contact with the companies after the pitch to pursue their interest.
The next Lancashire Business Angels network is on 13th October 2015 at the Mercure Dunkenhalgh hotel.
For more information or to book your place contact David Roberts on 07979 036486 or e-mail david@mbs.gb.com.
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