10ACIA BUILDS WITH ANGEL INVESTMENT

A North West property company has secured £500,000 from an angel investor to help finance a range of design, development and renovation projects in the region.

10ACIA, formed in 2013 by David Price, operates across Lancashire, Cheshire and Greater Manchester and employs a team of seven staff.

The funding has been received from a private investor through the Northwest Business Angels network, a platform for growing companies across the region that are seeking investments between £10,000 and £500,000.

The network, which is part of the Business Growth Hub’s Access to Finance Service, has raised more than £22m for more than 250 companies to date.

Price said the cash would be used purely for the purchase and development of new projects. “In the early stages, I had exchanged all my money for bricks and mortar and could only fund one project at a time,” he said.

“Working with Access to Finance and Northwest Business Angels has been phenomenal. They laid out a very simple path in front of us, allowing us to fund a number of projects simultaneously. It’s probably the most cost-effective form of finance available and has already set the business up for a period of sustainable growth.”

Jonathan Nelson from the Access to Finance Service added traditional bank finance wasn’t right for 10ACIA, but the angel investment will provide greater flexibility.