UK and Ireland specialist contractor Pure Fitout has secured a £1.5m investment from Whiterock Finance’s Growth Finance Fund. The loan helped fund the launch of a new non-toxic fire-retardant treatment for timber and the creation of 20 specialist jobs, alongside furthering Pure Fit Out’s growth plans whilst it enters new markets.
The Belfast-based company, which was established in 2015, has invested in first of its kind technology within Ireland. The treatment effectively prevents oxygen from reaching treated timber, protecting it from combustion and removing the threat of the spread of fire.
The product, branded as HALT, has the potential to massively increase safety through-out the industry. The patented formula is 100% natural, is safe and clean, biodegradable and non-toxic – an environmentally friendly alternative to fire treatment.
Finance for the £30m Growth Finance Fund has been provided by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Invest NI has also offered the company £48,000 of support towards the creation of eight of the new jobs.
Pure Fitout is one of the fastest expanding fitout contractors in the UK working across hotels, restaurants, bars, fast-food establishments, leisure, heritage regeneration projects and offices.
The company has delivered high-quality interiors for The Mayson Hotel in Dublin, EastCheap Records in London, Five Guys in Belfast, Craigavon and Dublin, BOOJUM, The Grayson in Dublin, the award winning Stella Theatre in Dublin and office space for the well-known Press Up Group in Dublin and London.
Ronan Higham, Managing Director of Pure Fitout, said: “As a business, we have always believed in continuous capital investment in the latest technologies to allow fast, innovative and effective responses. Especially as demand for solutions to the rapidly changing regulations in the construction industry increases. We’re very glad of the relationship we have with Whiterock Finance. They have always understood our ambitions as a company and become a critical part of our growth. The loan has enabled us to grow our offering and continue to provide world-class solutions for our clients.”
Neil McCabe, Investment Director at Whiterock Finance said: “It’s fantastic to see Pure Fitout go from strength to strength. Following our initial investment in the company in 2017, the business has continued its trajectory of growth and we’re delighted to be able to support the team again in this next expansion stage. Pure Fitout has demonstrated its ability to get ahead of the curve and we’re looking forward to seeing this product deliver pioneering results in the construction industry.”
The Growth Finance Fund provides loans up to £2m to established high growth potential SMEs in Northern Ireland. Companies seeking funding must be based in Northern Ireland and demonstrate existing growth.