A Liverpool-based biometric security business is expanding with the help of backing from the Merseyside Special Investment Fund (MSIF).
Amaco, which develops and installs biometric systems, secure turnstiles, monitored CCTV cameras and permanent intruder alarms predominantly for use in new buildings and on construction sites, obtained a £49,950 loan earlier this year from MSIF through the North West Fund for Micro Loans. This money has now been used to take on staff and for capital purchases.
Amaco was established in 2014 by Andrew McCutcheon who had previously spent 16 years working in the security industry.
He said: “Since setting up the business, I’ve been running it alone, but needed the funding to recruit staff so that I can take on and service more contracts.”
“I’ve taken on two full-time engineers and also use four sub-contractors, with the plan of taking on a further four staff by the end of the year. Since the funding, I have secured contracts worth over £500,000.”
“This platform is enabling the company to expand and take on business overseas which we’ll be concentrating on from 2017. There will be a further need for additional staff in the near future, which again is all thanks to MSIF and the funding from the North West Fund.”
Merseyside Special Investment Fund investment manager Sue Chambers said: “Over the last couple of years, the construction market has steadily improved and confidence appears to be returning.
“This business has a lot of growth potential and it’s great to see that our support has already made a significant difference to Amaco’s turnover.”
The North West Fund for Micro Loans is part of the North West Fund, which is now fully invested. The finance is provided by the European Regional Development Fund and the European Investment Bank.