EFG2

Fibaform

 

The Challenge

 

Fibaform manufacture GRP (glass-reinforced plastic), making anything from gatehouses for industrial estates to cabinets that house electrics or even marine control cabins for shipping.

 

The business has a great reputation but needed reinvestment to update its equipment, train employees and bring the building itself up to the next level.

  

The Solution

 

An Enterprise Finance Guarantee (EFG) loan was the best route for Fibaform to help in the purchasing of the company, they wanted to persue this route of finance due to the “good interest rates and being assured by government”

 

Fibaform borrowed £200,000 over five years

 

The Result

 

The loan has allowed Fibaform to invest in new moulds for manufacturing and put their staff through specialist’s health and safety training.

 

“We also purchased vacuum lifts for moving heavy objects such as roofs. We’ve tested equipment and gone after new markets.”

 

“We had a great product with great people – ABN AMRO’s interpretation of the EFG enabled us to get the right structure behind it and reinvigorate the business.”

 

Looking to the future Fibaform are looking at exporting and establishing new opportunities within new markets including for wind turbine transformer substations.

 

“The product testing and certifications we’ve gained this year has enabled us to look overseas. The construction industry has slowed since July, we feel this will steady the ship.”

 

Fibaform shared their top business tip with us, saying to always “engage and involve your people at all levels of the business. Getting everyone as passionate about your business as you are makes life easier. This year has seen new management and a new style of business – we couldn’t do that without the input of our people.”

Background

Fibaform was founded over 40 years ago and manufacture GRP (glass-reinforced plastics) buildings for people and equipment. Based in Lancaster, Fibaform currently has 30 employees.

Enterprise Finance Guarantee (EFG)

Raise from £25k to £1.2m with the EFG - an innovative business finance scheme, supported by the Government through the British Business Bank.

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