Spaceright’ Secures £1.3M Investment

The Scottish Loan Fund (SLF) has made it’s 17th investment – investing £1.3M into education supplies group, ‘Spaceright’.  The company, located in Cumbernauld is using the funding package to acquire a complementary business, ‘Educational Technology Ltd’ (‘Edtech’).

Set up in 2011 by the Scottish Investment Bank, the investment arm of Scottish Enterprise and managed by Maven Capital Partners, the £113M SLF provides loans of up to £5M to ambitious Scottish SMEs.  Since launch, the Fund has committed more than £40M in support of growth-focused companies.

‘Spaceright’, an established supplier to the education sector, designs, manufactures and sources a range of well known brands for daily use in schools, colleges and universities throughout the UK.  It’s biggest sales are in educational display and presentation products as well as mobile folding furniture for school dining.  Continuing product innovation has seen the business recently launch “Inspirational Playgrounds” a range of outdoor learning products for primary school pupils.  ‘Spaceright’ says its early-years offering will be further strenghthened with ‘Edtech’, which produces high-quality and low-cost screen-printed teachig aids for core curriculum subjects.  Steve Ashton, the company’s Managing Director, said : “We are delighted to have completed the acquisition of ‘Edtech’ which complements and broadens our existing core product range, establishing the ‘Spaceright’ proposition as the most comprehensive in the sector.  This would not have been possible without the support of Maven and the Scottish Loan Fund whose commercial approach and assistance throughout the transaction was greatly appreciated.”  David Milroy, Investment Director at Maven, said : “We have been impresssed by management’s vision, both in terms of growing the business organically and via targeted acquisitions.”