Money makes the fan go around
Ventalution is nearing the end of a massive contract to install ventilation in 980 apartments in the five blocks of the prestigious Riverlight development at Battersea, made possible by the entrepreneurial endeavour of the company’s owner and chairman, England Rugby legend Jeremy Janion, and the financial support of crowdlending specialist ArchOver.
The Twickenham-based Ventalution, founded in 2000, specialises in the provision and installation of ventilation systems for residential buildings. It has developed a range of solutions for complying with part F of the Building Regulations ranging from specifying high performance fans through to integrated apartment systems, which can incorporate heat recovery systems and central extract systems.
ArchOver’s first involvement with Ventalution was the provision of a two-year loan for £300,000, which gave the company the ability to fund major ventilation projects without losing control of the business or risking having the loan withdrawn before term.
Ventalution’s sales continued to grow, leaving it in need of additional working capital to meet the new orders, so it turned to ArchOver for an additional £250,000 loan. Says Jeremy Janion: “Sales had trebled in 12 months but we wanted cash to fund our debtors’ book which over Christmas rocketed from £375,000 to almost £900,000. The loan has largely alleviated the problem.”
“The cost to the business is around 12% to include the insurance premium. ArchOver were prepared to loan 80% of our average debtor’s book over 24 months. The bank, on the other hand, would only lend us £100,000. “This approach is safer for the investor by lending against our secured debts – it’s very clever.”
See full article here: Air conditioning and Refrigerator Ventalution piece