MSIF’s £1.4m investment in electrical firm Birkenhead-based Foz Contract Services
Merseyside Special Investment Fund (MSIF) has invested more than £1.4m through an equity investment to expand a Birkenhead electrical and general building services contractor.
Foz Contract Services has been formed following the acquisition and subsequent merger of Foz Electrical and TFR Contract Services.
The management from both companies will now form one team and the business will offer a range of services including electrical, mechanical, external and internal wall insulation, renewable energy initiatives, building services and solar panel installation.
Clients include Seddon Group, MITIE Group, Lovell, HT Forrest, Carillion, Wirral Council and several housing associations.
Foz was originally set up in 2004 by managing director Chris Foran who went on to form TFR in 2012 with two ex-directors of Carillion Contract Services, Paul Turner and John Roche, to move into the insulation markets. MSIF has previously invested in both businesses.
In addition to Mr Foran the new management team comprises Malcolm Vaughan (finance director), Tony Foran (technical director), Simon Kelly (operations director), Robert Leung (non-executive director), Paul Turner (commercial director) and John Roche (manager – insulation).
Managing director Mr Foran said: “We identified that the business had moved away from being an electrical contractor into a group of specialist services. To fully exploit future opportunities we wanted to merge Foz and TFR to create a stronger business and the significant investment from MSIF has enabled us to do this.
“We are also in the process of establishing and expanding our management team and infrastructure to support our aspirations, and ensuring the controlled growth set out in the business plan.”
Turnover this year will exceed £12m and this figure is expected to double during the next three years. Foz currently employs 53 staff and uses a number of specialist sub-contractors.