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Sylk Decorating
Sylk Decorating goes national, thanks to Business Angels
Adrian Roberts is the managing director of Sylk Decorating, a painting, wallpapering and plastering service to domestic and commercial customers in Cheshire and South Manchester. The company specialises in the hanging of wallpapers, fabrics and special paper backed materials.
Adrian started the company in 2004 as a sole trader. Over the next three years, as his reputation in the area spread, he began to take on other painters and decorators to meet the needs of Sylk's expanding roster of clients. His vision was for Sylk to become a regional player. There are many large, expensive homes in Cheshire, and Adrian's vision was to occupy the middle ground between the small one- or two-man domestic decorators and the big commercial decorating firms.
Adrian needed to invest £100,000 in the company to pursue his growth strategy and take the company to the next stage of its development. But because he had started the business on a small budget, he was unable to borrow money from traditional high street lenders, which would not invest any substantial amount in a business with a relatively small asset base.
While researching online, he came across the Northwest Business Angels website. Adrian contacted the programme and arranged a meeting with one of its specialist business angel consultants. During the meeting, they discussed Adrian's plans for Sylk and his need for business angel investment. The consultant was able to provide an objective opinion on Adrian's vision and help him refine his business plan to maximise the chances of securing an investor. The discussion was scheduled for half an hour, but in fact lasted an hour and a half.
Adrian is enthusiastic about the process of applying to Northwest Business Angels, saying, "Overall I can't fault it. The information given on the website was clear and the scheme sounded approachable and flexible. The people were fantastic and they took a genuine interest in the business."
The next step was to fine tune the business case and present it to the investors at one of the monthly Northwest Business Angels meetings. Adrian had two half-day rehearsal sessions to practise his 10-minute presentation, and he was given plenty of professional advice on how to present his case.
At the meeting, he was one of eight companies presenting to around fifty potential investors. His presentation was well received and several investors asked questions. At the end, half a dozen approached him for further information. Two months later, Sylk Decorating received a firm investment offer for the full amount , which Adrian accepted.
The investment funding was mainly invested in working capital to allow the business to grow, with around 15 per cent allocated to marketing and training. Some of the funds were used to develop the website, which was linked to a regional profile-raising campaign via Yell.com.
Since the involvement of Northwest Business Angels, Sylk Decorating has doubled in size. It is now a limited company with a board of directors, employing around 30 staff. The company is widely respected in the region, but also has clients as far afield as Kent and Marbella.
Adrian says, "thanks to the support of Northwest Business Angels, a local town painter and decorator is now running a professional painting and decorating company with a strong, specialist, regional presence. This business would not be what it is today without their input."
