Electric String, the Hull-based audio-visual systems specialist, has secured a £100k loan from the Northern Powerhouse Investment Fund (NPIF). This is the first investment in Humber by the NPIF – Enterprise Ventures Debt Finance.
The investment follows a number of new contract wins at Electric String, which designs and installs bespoke systems for homes, corporate spaces and luxury yachts.
The company now plans to expand its 17-strong team with the appointment of an engineer and business development manager. Founded in 2010 by former super yacht electronics designers James Ward and James Symonds, Electric String merged with RSAV Solutions, whose founder Robert Sullivan joined the team as director, in 2014.
The company’s clients have included members of the royal family, former Olympic athlete Lord Sebastian Coe, companies such as champagne producer Moët and music website Shazam and local businesses such as Modal Training in Immingham. Electric String is currently working on the new DoubleTree by Hilton in Hull and has also won a number of European contracts to install systems in luxury yachts.
Ian Atkinson, investment manager with Enterprise Ventures, part of Mercia Technologies PLC, said: “Electric String has established itself as a leader in commercial and high-end residential audio visual installations. “As the company’s reputation has grown, it has extended its reach and is increasingly winning high-profile jobs in Europe.
The funding will help support its expansion.” Grant Peggie, director at British Business Bank, commented: “Electric String is a prime example of a company in the Northern Powerhouse that has utilised its expertise in a niche area to develop a strong reputation for a top end quality service. “With a high-profile client base, the company is now one of the leading AV companies in the UK and continues to grow. This investment will allow James to strengthen his team, and we are excited to see what new and exciting projects Electric String will deliver with NPIF support.”
Phil Glover, programme manager of the Humber LEP Growth Hub, added: “Following an initial Growth Hub meeting with James, I was delighted to be able to link him up with the funding opportunities provided by the Northern Powerhouse Investment Fund.” The Northern Powerhouse Investment Fund (NPIF) project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.