Mitchells secures £1.94m finance deal to enable client to become UK leader
Chesterfield-based Mitchells Chartered Accountants and Business Advisers has secured a £1.94 million finance package enabling its client Mobile Visual Information Systems (MVIS), to become the UK leader in roadside solar powered mobile signs only three years after it was established.
The funding, which was provided by Lombard Technology Services (LTS), a specialist in the provision of finance and equipment leasing solutions for IT, computers, software and telecommunication assets, was negotiated on behalf of MVIS by Mitchells Chartered Accountants and Business Advisers.
The funding package complemented the asset-backed funding provided by Reward Capital and enabled MVIS to secure a multi-million pound contract to deliver signage for Highways England’s M1 smart motorway project, which is currently being piloted on the M1 corridor at three sites between junctions 42 and 15.
As part of the contract, Derbyshire-based MVIS invested in 136 new portable, solar powered, five colour matrix signs and partnered with Bartco UK, manufacturer of the signs, to deliver the largest deployment of portable variable message signs on the smart motorway project.
This signage is providing thousands of drivers with information about the road works, as well as helping to keep them safe. It is popular with the contractors working on the project and has further enhanced MVIS’ reputation as a UK market leader in the supply of mobile signs.
The contract and finance package has put the company on target for a 500% increase in turnover over the next three years following double/treble digit growth in turnover and profits over the previous two financial periods.
Pat Musgrave, managing director of MVIS said: “Securing the finance has not only enabled us to deliver signage for the Smart Motorway project but also cemented our reputation as market leader in mobile signage and pave the way for international expansion for the company.”
Andrew McDaid, Partner at Mitchells who was instrumental in securing the finance package for MVIS, said: “Finance is available for companies that want to grow and this deal is proof of that. Being a specialist funder of Technology to businesses, we identified Lombard Technology Services as the ideal partner to support MVIS’ plans for growth going forward.”
“We have a fantastic relationship with MVIS and we have enjoyed assisting them with their growth and look forward to working with them through their expansion process.”
The company was established in 2012 following a contract win with Transport for London to supply 177 solar powered mobile signs to transmit key messages for the games lanes to road users during the London Olympic Games. Mitchells also secured the finance on behalf of MVIS to enable it to secure the Transport for London contract. Since then MVIS has tripled employees and has 360 signs for hire.
Musgrave added: “Mitchells has always been considered part of our team as they play an integral part in the company’s continued growth plans including putting us in great stead for securing funding for the smart motorway project.”
MVIS works in partnership with other leading ITS providers to create solutions to help the road network to operate efficiently. MVIS’ innovative, solar powered solutions incorporate monitoring and visual information equipment, all featuring leading-edge technology: VMS, ANPR and CCTV cameras and radar.
Bartco UK is the sales and manufacturing division of Bartco Traffic Equipment Pty, supplying its VMS and MVIS’ Solar IP multi-use trailer platforms. Its products are available for sale directly from Bartco UK and for rental via MVIS.
