£75K Business Loans Aids Airdrie Firm's Expansion
16 Oct 2018
A £75,000 loan has helped a growing Airdrie business secure £700k worth of new contracts and a full order book.
WQS (UK) Ltd contacted North Lanarkshire Council’s Enterprise team when the need to raise working capital to service a series of large public contracts arose. The loan finance helped plug the gap in a £150,000 funding package, enabling the business to resource itself to meet the scaled up demands.
The Company, who have been trading in their current form for just 2 years, specialise in the monitoring, maintenance and upgrade of hot and cold water systems to help control the possible growth of Legionellosis. Customers span the public and private sectors the majority of which are located across the central belt, but they do cover most of Scotland
Established by brothers Kevin and Des McGivern, WQS UK Ltd already employs 17 staff and operates from 2,000 sq ft premises at Chapelhall Industrial Estate.
A second business, Wonderseal Ltd, which provides ‘patches’ for the repair of commercial water storage systems and is also run by the brothers, is seeing similar success, with products being shipped overseas to Belgium, Germany and the US to meet increasing customer demand.
Kevin McGivern, Director said:
“In WQS, 90% of our work comes from local authorities and the public sector. Contracts in this space can be high-value and framework driven providing a secure pipeline of work which is great, but cashflow for a young company like us, was a challenge. We were confident of our abilities to deliver on the contract requirements but just needed the injection of capital to allow us to get started. The loan funding has helped finance 5 new employees and 3 vans, propelling us forward and taking the business on to a new level.”
Yvonne Weir, North Lanarkshire Council Enterprise Manager added:
“Business Loans Scotland funding can be used for multiple purposes and it is pleasing to see the impact that this loan has had in servicing a need for working capital. These contract wins will undoubtedly be a big confidence booster to the company and will no doubt will pave the way to winning more work, enabling the business to grow turnover and jobs here in North Lanarkshire.”