Published: Jul 20, 2022
Focus: Finance Durham Fund
The Finance Durham Fund, managed by Maven, established by Durham County Council and overseen by Business Durham, has supported local business, Conduit Construction Network Ltd (CCN), with a £600,000 funding package. The investment has enabled the business to substantially scale-up its operations and relocate to a new 54,500 sq ft facility in Belmont Industrial Estate, creating 30 new jobs in County Durham.
CCN manufactures high-quality door sets and screens for the commercial, education and healthcare sectors. The business has increasingly focused on whole door sets due to the preference of its client base, as whilst they are harder to manufacture, they are quicker to install and as such help clients in timely project delivery.
The Durham move will add significant capacity and brings operational benefits with a plan to increase production and sales significantly. Alongside the relocation to the new factory in Belmont, new machinery will also be acquired with the funding package. The business plans to expand its already developed product range and increase the efficiency of manufacture. This will result in shortened lead times, whilst improving quality and further enhancing product scope.
CCN was founded in 2005 by Father and Son Laurence and Chris Maguire. After graduating in Business and Law, Chris joined the family business working as an Operations Manager/Director over the previous 10 years and has recently been appointed as Managing Director since the retirement of his Father.
“CCN is an established business with a track record of stable growth and profitability. The business enjoys strong client relationships and a reputation for quality and reliability, which have enabled it to develop a pipeline of exciting opportunities. The relocation to County Durham enables them to deliver much higher volumes and take advantage of prevalent market conditions to grow the business. We are delighted to support Chris and the team at this time and look forward to working with them to support their expansion plans.”
David Nixon, Senior Investment Manager at Maven
“The relocation of CCN to Durham was a significant step towards achieving our growth aspirations. This was secured with substantial financial and professional support from Finance Durham. Within 6 months of the move CCN are already benefitting from the cutting-edge manufacturing machinery investment resulting in reduced unit costs at a time of exceptional inflation. We will now be in a position to competitively expand our service, quality and technical support levels to our customers.”
Kerman Vandriwala, Finance Director of CCN
If your business is in need of finance to help unlock its growth potential, the Finance Durham Fund may be able to help. Contact our team today on 0191 731 8595.