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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 CoreRFID Limited.

16/07/2007

Core RFID Limited provide radio frequency identification (RFID) and barcode technologies across a range of industry sectors. A team of experienced engineers supply systems and hardware, incorporating their custom-designed and fully integrated software. CoreRFID's systems are used within a widerange of applications and deliver a cost effective solution to many logistics and asset tracking situations. The company already has a strong customer base of over 1,000 UK SMEs and corporate customers, including Nokia, BAA, the BBC, Thames Water, the Channel Tunnel and Norwich Union.

The investment provided by the Coalfields Enterprise Fund formed part of a funding package alongside Alliance & Leicester Bank and CoreRFID's management team to assist the management buy out of the business from family owners.

As a result of the investment, the business will relocate into the coalfield ward ot Bewsey & Whitecross in Warringtom, Cheshire, and bring a workforce of four to the area, with additional jobs expected to be created as the business develops.

Managing Director, Jim Ryder, commented, "The investment from the Coalfields Enterprise Fund has given CoreRFID a unique opportunity to expand into this already thriving RFID market place. We are now able to offer our customers a wider range of RFID products and services and the investment will also provide us with the ability to market our unique RFID maintenance system softeare, CoreRFID PDC."

Paul Taberner, EV Investment Director for the deal said, "We have worked closely with Jim and the team at CoreRFID over recent months and have been impressed by their deep understanding of the sector ajd their plans for the future development of the company. We were pleased to be able to help them secrue ownership of the business".

ENDS