Plastic card manufacturer attracts £3.2m investment from BGF
Thames Card Technology to “capitalise” on export and sales opportunities in other markets
Leading plastic card manufacturer Thames Card Technology Ltd (TCT) has announced it has raised £3.2m growth finance from the Business Growth Fund (BGF).
Established in 1994, TCT is one of the UK’s largest card manufacturers specialising in both non-secure and secure cards and it works with major blue chips organisations and international firms across banking, retail, telecoms and ID sectors.
Having generated sales of £18m this year, the plastic card specialist intends to use the investment to extend its reach to other markets such as international banking and prepaid cards.
The finance will also fund the purchase of new manufacturing equipment to drive greater efficiency and productivity.
The funding round marks BGF’s 14th investment in the manufacturing industry with over £60m growth capital invested into the sector since its launch in May 2011.
As part of the deal, BGF’s investment director, Rory Pope, will join the card manufacturer’s board as a representative and the Fund’s head of manufacturing, Mark Bryant, will operate as an advisor to TCT.
Paul Underwood, MD and founder of TCT, said:
“After 19 years of building TCT and funding growth from our own cash proceeds, I took the decision with my senior team that it was time to secure an injection of equity finance so that we could go further, faster, to realise our growth ambitions.
“Undoubtedly we know our business well but this additional experience can only be a good thing for the company, its staff, suppliers and ultimately our customers.”
BGF’s Pope added: “For BGF, this is an exciting opportunity to support a UK manufacturing business that is looking to grow its domestic and export sales and we look forward to working with the team.”