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The Coalfields Enterprise Fund, the venture capital fund managed by Enterprise Ventures on behalf of the Department of Communities and Local Government, has completed an investment in Survey Inspection Systems Limited.

04/05/2007

SIS provides surveying and mapping services to major contractors and consulting engineers, with a focus on the rail and waterways industries. The company is fully competent in key surveying techniques, including traditional topographic, aerial LiDAR GPS position control, CAD, asset positioning and site access planning, and holds all the required accreditations to work trackside for the rail companies.

Following a referral from Business Link North East, the Directors approached the CEF investment team at EV to discuss the possibility of obtaining funding to enable them to acquire the business. CEF invested alongside the company's management and directors, Phil Burgess and Ian Vickers. The funding has provided SIS with working capital and has also enabled the business to re-locate to Spennymoor, in the Durham coalfield.

Paul Taberner, Investment Director at EV, says, "In January, SIS was placed into administration and faced an uncertain future. We have worked closely with Phil and Ian over a number of weeks and shared their belief that under their stewardship, SIS could become a significant business in the surveying market. We are delighted to be able to support them in their efforts, preserving the jobs of the 24 current employees and providing future opportunities for local people".

Commenting on the transaction, Phil Burgess said, "When the opportunity to buy the business came to us, we needed to move quickly. We spoke to a number of potential investors but the CEF investment team readily understood the potential and demonstrated significant flexibility in delivering the required funding package. We now look forward to building the business together".