Secure profit
Apec Systems claims to be on track to secure a profit this year following financial support from regional development agency, Advantage West Midlands.
, a manufacturer of specialist CCTV surveillance systems, claims to be on track to secure a profit this year following financial support from regional development agency,
.
The Rugby-based firm was affected by the economic downturn in November last year after failing to secure credit from the traditional banking sector. However, following a loan of £80,000 from the Advantage Transition Bridge Fund (ATBF), the company was able to complete engineering projects and secure customer orders from the UK and Europe.
Lloyd Proctor, the firm's director, said: ‘Innovation is vital to firms such as ours, but just when we needed to secure the finance necessary to complete the development of our new range of leading-edge products, lending from the banks dried up as a result of the credit crunch.
‘We approached the Advantage Transition Bridge Fund, who visited us here in Rugby and were impressed by the company and its business plan. We promptly had a loan offer for £80,000.
Register now to continue reading
Thanks for visiting The Engineer. You’ve now reached your monthly limit of news stories. Register for free to unlock unlimited access to all of our news coverage, as well as premium content including opinion, in-depth features and special reports.
Benefits of registering
-
In-depth insights and coverage of key emerging trends
-
Unrestricted access to special reports throughout the year
-
Daily technology news delivered straight to your inbox
Comment: The UK is closer to deindustrialisation than reindustrialisation
No. 20% is added to the bill (not deducted) as output tax that is recovered by a VAT registered customer as input tax, until a customer down the...