Maven VCTs invest £2.5m in crematoria services business
The Maven VCTs have completed a £2.5 million development capital investment in Horizon Cremation, to support the business in its ambitious growth strategy in a sector experiencing increased demand for better quality service and facilities. Led by Maven’s Aberdeen based team, this is Maven’s 8th VCT qualifying investment since April 2016.
Horizon plans to develop and operate purpose built crematoria across the UK, where the management team has identified a number of sites. Construction is underway on the first facility on the Clyde Coast in North Ayrshire, which is expected to be operational in early 2018. The business aims to build a portfolio of next generation crematoria, which will be environmentally and technologically advanced and will offer a professional service and enhanced levels of care for families when support is most needed.
The UK market for cremation services is expected to experience significant, sustained growth, reflecting demographic changes and the increasing popularity of cremation over burial. There is however a marked shortage of modern local facilities, with only 45 new facilities built in the UK in the past 35 years despite the rapidly growing population.
Established in 2015, Horizon is run by joint founders Jeremy Hamilton and Stephen Byfield, who offer decades of experience within the property and commercial development sectors, through their specialist work advising some of the UK’s largest development and infrastructure businesses on the management and delivery of planning consents on complex projects.
Ewan MacKinnon, Investment Director at Maven, commented: “We have been very impressed with Jeremy and Stephen and their vision for building a business with a compelling model in a highly defensive sector. The cremation services market offers a clear opportunity for investment and an improved service offering which caters to the rising demand for high-spec, compassionate local facilities. The senior team has a proven track record in the property and planning markets and Maven is looking forward to supporting the growth of this dynamic UK business.”
Jeremy Hamilton, Joint Managing Director at Horizon, said: “We have chosen our funding partners very carefully and are delighted to be taking Horizon Cremation to the next level with Maven Capital Partners. The team at Maven have shown themselves to be highly professional and, more than that, are people we will enjoy working with."
Stephen Byfield added: “This is an important capital injection for Horizon, and one that will allow us to deliver on our strategy of creating and operating the next generation of environmentally advanced community crematoria in key locations across the UK. We hope that this is the beginning of a long and fruitful partnership.”