HIPs provider ready ‘to meet demand’
First Sellers Pack Limited (FSPTM), which will supply the government’s Home Information Packs (HIPs) next year, has received £1.5m of funding.
The company secured the funding from Integrity, a major player in the UK Traded Endowment Policy (TEP) market.
FSPTM says the funding will enable it ‘meet and exceed’ demands for HIPs in the run up to their introduction on July 1 2007.
The funding provides the firm with £1m of investment and a £500,000 loan, Integrity now has a 20% stake in the business.
As a part of the deal, Iain Stamp, founder and chief executive officer of Integrity will join the company’s board.
He said: “This private equity deal represents great business for Integrity.
“It demonstrates not only the size of our company and its resources, but also Integrity’s desire to seek out opportunities to further grow its capital to enable it to continue to deliver the best service and products to its core markets and attractive returns to clients and shareholders.
“We will be looking for opportunities with other companies with unique offerings that meet our criteria.”
Jonathan Moore, sales and marketing director at FSPTM, said: “This is a significant development for FSPTM, allowing the firm to continue to develop its offering of the UK residential market the opportunity to deliver HIPs seamlessly and at low cost.
“With the funding in place the firm can now concentrate fully on its goal of being the UK’s leading supplier of products and services to Home Information Pack industry.”
© Crimson Business Ltd. 2006