Scottish Loan Fund divests Spaceright Europe

Since SLF's initial investment, Spaceright has expanded via an acquisitive strategy, bolting on Lincolnshire-based Millhouse Manufacturing Design and Newcastle-based Educational Technology (Edtech).

The acquisitions have enabled the business to broaden its client base to include the early-years learning market. SLF stated Spaceright has doubled both its turnover and headcount since its initial investment.

The transaction marked a complete divestment by SLF, through a mixture of loan repayments and a refinancing package provided by the company's banking partner.

Previous funding
SLF first invested in Spaceright in May 2014, providing £1.3m of mezzanine funding to support the acquisition of Edtech. A year later it injected a further £1.55m to support the bolt-on of Millhouse.

Company
Founded as William Brownie Garden in 1904 and now headquartered in Cumbernauld, Spaceright manufactures and distributes furniture and display products for the education sector. According to its most recent financial statement registered with Companies House, the business generated a turnover of £9.3m in the year to December 2015, with pre-tax profits of £528,000.

People
Maven Capital Partners - David Milroy (investment director).
Spaceright - Alan Symon (director).

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