The Maven Capital Managed Greater Manchester Loan Fund (GMLF) has invested GBP320,000 in Emeg Electrical Limited (Emeg), a specialist mechanical and electrical contractor providing services to the owners and operators of rail facilities.
Established in 1997, Emeg has grown steadily in recent years following the award of the coveted Principal Contractors License from Network Rail, allowing it to tender directly on a large number of infrastructure projects. The license has enabled Richard Simmonite (Managing Director) and his management team to build on their current relationship with Network Rail, leading to significant contract wins on the East Coast Mainline. In 2013 Emeg also invested in a second office in Trafford and this strategic move has led to further growth on the West Coast line.
The funding package provided by the GMLF will allow the company to make further investment in its Trafford operation, creating approximately 10 new jobs in the region.
David Wright, Investment Manager at Maven, says: “Emeg has proved to be a trusted operator delivering consistent high quality work for it clients. It is this reputation that has led Emeg to becoming a key supplier to Network Rail, a position only a few selected contractors hold within the UK. The business is extremely ambitious as demonstrated by the opening of its new Trafford operation which lies close to Network Rail’s Northern Headquarters at Piccadilly, Manchester. We are delighted to support Emeg with its future growth aspirations and continue to look for similar businesses throughout Greater Manchester which require funding to fulfil their potential.”
Richard Simmonite, Managing Director at Emeg, adds: “We are delighted to have received the support of the GMLF, via Maven, for our Manchester business. As with any SME, the funding will make all the difference to us, allowing the company to invest in people and infrastructure, creating real value and new jobs for the Manchester Region. We see great potential, in the North West from a Rail prospective, and this funding will be an enabler for growth for our business.”