AFM Equity Investment Fuels Expansion for Liverpool Business
2nd December 2008
A Liverpool-based fuel distribution business is expanding with a £600k investment from Alliance Fund Managers (AFM) through the Merseyside Special Investment Fund (MSIF) Venture Fund.
Rowilco Fuels Limited was formed by managing director Neil Williams in 2007. The company supplies a complete range of fuel oils to industrial, commercial, agricultural, retail and haulage customers nationwide. Clients include Bellway and Liverpool John Lennon Airport.
The company has grown to a turnover of over £30m and has already established itself as a significant player in the UK’s fuel distribution industry.
AFM’s investment team was led by investment director Mark Borzomato and assisted by investment manager Jon Wormald. The funding will be used to provide Rowilco with development capital to support the further expansion of the business.
Rowilco’s managing director Neil Williams said: “The investment from AFM will hopefully allow us to open credit lines with a wider range of suppliers which in turn will enable us to offer highly competitive prices. Improved prices together with our high level of service means the investment will bring good news to our existing customers and also allow us to explore new business opportunities.”
“AFM’s investment team has been very supportive and we are delighted to have them on board as an investor.
Mark Borzomato said: “We were impressed with the phenomenal growth this company has achieved in such a short period of time. Neil has around 15 years’ experience in the industry and this, coupled with his drive and determination, has been the basis of Rowilco’s success to date. The company has developed a good supplier network and built up a solid customer base which looks set to increase considerably. We are really pleased to be supporting this business and believe it has excellent growth potential.”
Rowilco is based on Great Howard Street and currently employs eight staff although this figure is expected to rise to 15 during the next year. Turnover next year is predicted to exceed £60m.
Legal advisors involved in the transaction were Craig Scott and Matt Noon of Halliwells for AFM and Rob Dobson of Napthems who acted for the company. Corporate finance advice was provided by Andy McCall of Langtons.
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For further information contact Angela White @ Alliance Fund Managers on 0151 242 6376.
