UK integrator Orion Audio Visual has announced it has secured investment from Torpedo Factory Group to provide additional working capital to support the business through a period of growth. InAVate spoke to Orion MD Chris Gledhill about what the deal means for his company.
The Orion Group name will remain, and will be treated as an independent business within Torpedo Factory Group (TFG). Orion will remain in its base in Hemel Hempstead, as will its 11 employees.
Speaking to InAVate earlier today Geldhill said :"We've worked hard to build the brand, and we wanted it to remain, equally so did TFG. We get the benefit of their wealth of experience.
"This deal allows us to go for larger projects. Because the business was always completely self-funded by my father (Dave Gledhill) there is only so much money you can throw at it. We are now in the very fortunate space that we can now take on £1 million plus projects, whereas before we would look at them candidly to see if we could deliver it or not, now we have the financial backing to move forward and do those larger projects."
"The guys at TFG have a wealth of experience, and its going to be good to be part of a wider group. We have got to the point where we needed to take the next step."
As part of the deal TFG has acquired the existing equity from the Gledhill family and injected additional funds to provide the capital needed to deliver larger projects.
Founder Dave Gledhill retires from the board; his successor as chairman is Dr Keith McCullagh, non-executive chairman at TFG.
The rest of the management team is unchanged: Chris Gledhill remains in post as MD; John Moore as operations director; and Crispin Piney as sales and marketing director. They will be supported by Nick Clark, chief executive at TFG, and Freddie Jenner ACCA, group finance director.
Orion's main customer base is in the corporate market, but is also involved in high-end residential projects.