1st May 2014
Cloaca Surveys has announced year-on-year revenue growth of 59 per cent, putting it on course to become one of the UK’s leading underground condition surveying and mapping service providers.
The Kent-based specialist, which launched in February 2012, has seen turnover increase by £130,000 to £350,000* in the year to May 2014 thanks to growth funding assistance from asset finance specialist Academy Leasing. For the coming financial year it is forecasting turnover in excess of £500,000.
More than £70,000 of funding was arranged by Academy, enabling Cloaca Surveys to invest in its first custom-built Mercedes Sprinter housing advanced computer and robotic camera inspection equipment. Additional finance has also been provided, where required, to enable the company to expand rapidly and meet client requirements.
“Securing funding for company growth has proved extremely challenging but Academy Leasing had confidence in our business plan, expertise and abilities to deliver the highest standards service for our customers,” said Cloaca Surveys’ Managing Director Phil Edwards.
“The support came at a time when business investment was vital for us to achieve our ambitions for the company. We have gone on to win numerous high profile clients and provide our services to major utilities companies, including Thames Water and Southern Water.”
The funding package from Academy Leasing comprised asset finance and a sale and leaseback arrangement.
“Bank lending for business has continued to fall, according to latest Bank of England data, but companies do have alternative and more flexible sources of finance,” said Academy Leasing’s Managing Director Michael Nolan.
“Cloaca Surveys’ is a young company that, with our backing, is now demonstrating its strength and value to the utilities market.”
*results from year-end management accounts