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06 October 09 - Full Steam Ahead for Marine Company

Plymouth Marine electronics company Waypoint 1 has expanded its presence across the South West coastline by opening a new office in Brixham after taking advantage of a Government backed fund to assist lending to small businesses in the current economic climate.

The £1.3bn Enterprise Finance Guarantee (EFG) fund was introduced earlier this year to support bank lending to viable businesses to ensure they get working capital and investment that they need.

In the case of Waypoint 1 it has meant a further investment in staff and premises for the sale, installation and servicing of marine navigation and control equipment, air conditioning and heating systems. The Queen Anne’s Battery based company now employs five staff will celebrate 10 years in business early next year.

“The opportunity to expand during such a difficult time was one not to be missed,” said Waypoint 1’s Jonna Oatridge. She explained, “Increasing the size and reach of our business will undoubtedly mean that not only will we survive the recession but we will be able to emerge from it as a stronger business providing a greater service to our customers throughout the South West.”

Waypoint 1 was advised on the EFG application by their accountant Phil Soutter at Wills Accountants and bank manager Jon Keeping at NatWest.

Phil Soutter of Wills Accountants said:”We are delighted that Waypoint 1 has expanded its operation in the region. In completing another successful EFG application we all look forward to seeing our client celebrate a decade in business and move ahead with security and confidence.”

Jon Keeping of NatWest commented:” This funding for Waypoint 1 is great news for everybody involved with the company. To date, NatWest and RBS have advised on over £228 million of EFG funding agreed or in the pipeline – nearly half of all loans drawn down in the UK. This coupled with making an additional £250 million of funding available to SMEs in the South West, means that we are able to offer real support to local businesses, as Waypoint 1 have found out.”