The Finance Durham Fund, managed by Maven Capital Partners (“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 focussed 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. Its ISO and fire safety accreditations have allowed them to build a reputation based on two tenants of quality products and timely, reliable delivery.
The Durham move adds significant capacity and brings operational benefits with a plan to increase production and sales significantly. Alongside relocation, the funding package from Finance Durham will be used to fit out the new factory on the Belmont Industrial Estate and purchase new machinery. The investment will also enable the business to expand its already developed product range and increase the speed and efficiency of manufacture resulting in shortened lead times, whilst improving quality and further enhancing product scope. Longer term CCN is also planning to set up an in-house manufacturing Training Centre to develop its existing and future workforce in a live environment.
CCN was founded in 2005 by father and son Laurence and Chris Maguire. Laurence retired last year, and Chris was appointed Managing Director after over 15 years’ experience working in the manufacturing sector. After graduating in Business and Law he joined the family business working as an Operations Manager/Director over the previous 10 years.
David Nixon, Senior Investment Manager at Maven, said: “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.”
Kerman Vandriwala, Finance Director of CCN, said: “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.”
Cllr James Rowlandson, cabinet member for resources, investment and assets at Durham County Council, said: “We are delighted to have invested in CCN through Finance Durham to support their exciting plans, and to be able to welcome this growing company to the county. It’s a great example of how our Finance Durham Fund is helping to create more and better jobs, and contributing towards a strong competitive economy for the future. We encourage more businesses to follow suit and access the funding opportunities we have available through our Business Durham team.”