Redrow founder Steve Morgan has made a multi-million pound investment to drive growth at a Wrexham firm.
Outerspace Group, a SIP (structural insulated panel) kit manufacturer, has received significant investment from Bridgemere UK to drive their rapid growth.
The multi-million-pound deal sees Bridgemere, Steve Morgan’s investment vehicle, taking a major stake in the business alongside founders Phil Jackson and Simon Lead.
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The expansion to the business will include the relocation to a brand new 25,000sq.ft. manufacturing facility to support the company’s ambitions to become the UK’s largest supplier of SIP panel building kits.
The company has been asked about the exact value of the deal and job creation potential.
Having launched only two years ago, Outerspace now supplies national builders’ merchant giants Jewson through their 600+ UK branches with building kits specifically for the trade. The company expects to capitalise further on the growing garden room and luxury holiday lodge markets where they already supply customers across the UK.
Phil Jackson, chief executive of Outerspace, said: “We are delighted to have Bridgemere UK on board as investors and partners. We are now able to fast-track our growth plans to create even more local jobs. The investment will allow us to significantly increase production levels and offer our customers a much wider range of building material choices at competitive prices."
Will Heath, CEO of Bridgemere, said: “Bridgemere is delighted to be able to support Phil and Simon by investing in Outerspace and we are committed to the significant growth plans for the business to become a major force in this fast-developing sector."
Daniel Hall, corporate partner with Eversheds Sutherland said: "We were delighted to be able to continue our relationship with the Bridgemere Group by working on this exciting new investment in Outerspace Group."
Richard Burnett, commercial director at HM Legal who acted for Outerspace Group, said: “We have seen Phil and the team take the seed of a concept and through hard work and sheer determination, create an innovative, rapidly growing business that is destined to continue to flourish following the Bridgemere UK investment. We are proud to provide strategic, legal support to this local SME success story and help secure their extensive new manufacturing premises that will underpin that growth."
