Maven Capital Partners (“Maven”) has led a £1.5 million investment in Roman Ltd (“Roman”), a local business that manufactures, sells and installs shower screens, trays, bathroom furniture and fixtures and fittings. The transaction includes an £800,000 investment from the Finance Durham Fund (“Finance Durham”) established by Durham County Council and overseen by Business Durham, and a £700,000 investment from the North East Development Capital Fund (“NEDCF”), supported by the European Regional Development Fund.
The funding package will be used to support a significant increase in demand, invest in Roman’s 400,000 sq ft manufacturing plant in Newton Aycliffe to purchase new machinery and materials to supply to its growing number of customers.
Roman designs and manufactures shower products to trade merchants and independent retailers, whilst supplying white labelled own branded products to national retailers. The business also has a special projects and supply & fit service that provides bespoke bathroom and shower design, alongside supply and fit solutions to house builders and hotel groups both domestically and internationally.
Providing showering solutions for over 37 years, Roman is the UK and Europe’s largest shower manufacturer with a strong presence in over 70 International markets. They support an impressive range of international hotel groups, architects and designers, including Berkeley Homes, Taylor Wimpey, Keepmoat, Miller, IHG hotels and Hilton.
The home furnishing market is large and mature with the UK the second largest market in Europe. Demand has increased during the pandemic and is forecast to continue to grow with opportunities existing within both the online channel retailers, and traditional retailers and merchants.
David Nixon, Senior Investment Manager at Maven, said: “Roman is a well-established business, with a good reputation and a strong order book. We are delighted to support such a high-profile manufacturing business in the North East and this is a great example of our regional funds working together to provide a long-term finance solution to enable a local business to grow. David and the team are highly experienced and knowledgeable and we look forward to working with them to help the business expand.”
David Osborne, CEO of Roman, said: “We find ourselves in a period of prolonged growth and expansion in the UK and internationally. This North East based funding allows us to focus on optimising some amazing opportunities and continuing to create sustainable long term jobs and careers in County Durham.”
Cllr James Rowlandson, cabinet member for resources, investment and assets at Durham County Council, said: “It is fantastic that the funding we are providing through Finance Durham has enabled Roman to take advantage of the growing demand for their products, both nationally and internationally. As one of the longest established businesses on Aycliffe Business Park we recognise how additional funding will help create more and better jobs and contribute towards a strong competitive economy for the future.”