Scaffolding specialists, ‘CASS Supplies Limited’ (CASS) have secured investment from the Development Bank of Wales which will allow the company to build for the future.
Based in Barry, CASS was established in 2008 by Managing Director Tom Gent. Employing 64, the team supplies scaffolding for construction projects throughout Wales, the South West and the M4 corridor. Clients include the Formation Group, R&M Williams, ISG, Morgan Sindall, Intelle and Bouygues. Current projects include Whitmore High School and Pencoedtre High School in Barry, Fusion Tower in Bristol, Carnegie House in London and Watkin Jones’ Wilder Street, Bristol site.
The loan from the Development Bank will help CASS to purchase scaffolding equipment needed to meet growing demand. Long-term costs will be reduced therefore allowing investment in additional resource including the appointment of five new apprentices.
Managing Director Tom Gent said:
“Covid has impacted us all but we’re building for the future and investing in our equipment and our people to be able to adapt to the new normal and look to the future with confidence. By improving cost efficiencies, we are able to invest in the business with additional resource; creating five new apprenticeship opportunities for local people as a result of better cashflow.
“Finance from the Development Bank of Wales is flexible and affordable but the real value in their support is knowing that we’ve got an investment partner that believes in our business model and wants to help us to succeed. Together, we’ll build a successful business for the long-term.”
Investment Executives Navid Falatoori and Joanna Thomas worked on the deal for the Development Bank of Wales. They said:
“Tom and the team at CASS have remained busy throughout Covid-19 by ensuring that they can continue to deliver scaffolding solutions safely and in line with current legislation.
“Operating in the commercial and residential markets, CASS benefits from a team of highly skilled and experienced scaffolders and a strong and profitable track record. The investment in the business will lead to long-term growth opportunities with our finance providing better control, flexibility and response time to customers. Less pressure on cashflow will also enable further investment including the creation of new jobs.”
Funding for the deal came from the Wales Business Fund, part-funded by the European Regional Development Fund through the Welsh Government. The business also received funding from the Wales Covid-19 Business Loan Scheme (CWBLS). The fully invested CWBLS fund formed part of the wider £500m Welsh Government Economic Resilience Fund and provided working capital to businesses experiencing cash flow difficulties because of the Covid-19 pandemic. The fund invested over £92million and helped 1331 businesses safeguarding over 16,000 jobs.
