UK - D-Line secures £1.3m from investment syndicate

Guy
27 February 2006

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Newcastle-based DLine Ltd has recently received a ТЃ1.13m cash injection to develop its business. The new capital comes jointly from The North East Co-investment Fund, a ТЃ23m investment fund that invests in high-growth technology focused SMEs, and a group of business angels as well as managing director Paul Ruddick.

The company has developed decorative trunking – a family of plastic, surface mounted, curved, coloured moulded trunking with a patented easy-access system. The range enables users to hide cables, wiring or pipes in the home and in the office. The investment will enable D-Line, based in New York Industrial Park, to develop the products in the UK and global market. D-Line have also invented an Easy Socket System set to revolutionise the ways that trade and DIY installers fix new sockets; to be launched at Easter.

Gerry White, director of North Star Equity Investors and manager of its North East Co-Investment Fund, said: 'There are no equivalent products to D-Line’s in the market and we believe that in three years the size of the UK market available to the company will be £29m, the European market over £150m and the US market over £300m'.

Venture capital and funding expert Duncan Reid, of leading North East law firm Ward Hadaway, advised NorthStar Equity Investors on all legal aspects of the funding transaction.

D-Line was launched by Paul Ruddick in July 2005. Over the next three years the company plans to expand – creating 15 extra jobs locally.

Other advisors involved in the deal include Quantum Corporate Finance, and Hay and Kilner who advised D-Line and Robert Muckle who advised the business angels.