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Magenta Technology has been bought out by managing director and owner, Ray Willows, with funding from the Community Investment Enterprise Fund
Magenta Technology, a Hereford-based print equipment supplier, is preparing for expected growth under new ownership, thanks to funding from the Community Investment Enterprise Fund (CIEF) delivered by BCRS Business Loans.
Founded in 1995, Magenta Technology supplies printers, copiers, and scanners to customers across the Midlands, South West, and South Wales.
Managing director and owner of Magenta, Ray Willows, purchased the printing, scanning, and photocopying solutions provider along with his wife Clare, after working for the company for 15 years. Willows now plans to expand Magenta Technology’s range of services into a number of complementary digital products.
After securing the employment of three staff at the business through the management buyout, Willows has since recruited a new colleague, which he says was made possible through the CIEF funding support secured from BCRS Business Loans.
Speaking of the purchase, Willows says: “Having worked for Magenta Technology for 15 years, when the opportunity came up to buy the business from the previous owner, I could see the potential and wanted to secure the finance to make it possible.
“Working in the printer and photocopier sector is a role which I have always enjoyed since I started out 30 years ago. We were signposted to BCRS Business Loans through a broker, which was a stroke of luck. I found BCRS Business Loans easy to work with as they were always available when we had questions and really stayed on top of things.”
Speaking of his plans for the business, Willows continues: “Although work patterns have changed since the Covid-19 pandemic, I do not see there being significant changes for the next few years as customers continue to want to print information on paper.
“We are going down the route of offering complementary digital services and we have taken on one new member of staff since we bought the business, with plans to potentially recruit another person.”
The £62m CIEF aims to invest in 800 small businesses nationally and support 10,500 jobs. As part of this fund, BCRS Business Loans is delivering loans between £25,000 and £250,000 to SMEs across the Midlands and Wales which are unable to access the finance they need from traditional sources.
Recently, BCRS Business Loans celebrated reaching £5m in CIEF loans delivered to 62 businesses, reportedly creating 160 jobs and protecting a further 613 while generating £32.5m in economic impact.
Angie Preece, senior business development manager at BCRS Business Loans, adds: “As a story-based lender, BCRS Business Loans supports management buyout opportunities such as the one for Magenta Technology identified by Ray and Clare Willows, to help businesses to make a positive social and economic impact.
“We look forward to seeing Ray and his team progress in realising their growth plans by offering customers high quality services in more ways than ever before.”
