Five year £200,000 business loan repaid early
The company behind some of Birmingham’s most prominent signs and LED digital billboards has fully repaid a five year loan in just 18 months, after doubling its turnover.
Concept Sign & Display, based in Gas Street in the city centre, received a £200,000 loan via Finance Birmingham from Birmingham City Council’s Business Loan Fund in March 2012.
The loan was to be paid back over the course of five years, but due to significant growth over the past two years, the company was able to repay the funding in full in October 2013.
Managing director Sean Morrough set up Concept Sign & Display 16 years ago, initially specialising in bespoke, modular and digital sign solutions.
In 2004 the company became one of the first to embrace digital signage – the likes of which now adorn Birmingham’s Aston Expressway, Hyatt Bridge, Bullring, Southside and Five Ways.
As well as other landmark sites across the UK, Concept Sign & Display has also secured major contracts over the past two years in Europe and the Middle East, and has plans to extend into Africa.
Sean Morrough said: “The Business Loan Fund enabled us to invest in the business and acquire new facilities and staff, which has played a key role in helping us to grow our business.
“As a direct result of the funding we have been able to safeguard 13 jobs and create a further three positions, as well as move to new offices at 22 Gas Street. We are delighted that our continued success has enabled us to repay the loan early and we look forward to further developments throughout 2014.”
Sir Albert Bore, Leader of Birmingham City Council,said: “Concept Sign & Display is a brilliant example of how the Business Loan Fund is helping solid, profitable businesses within the Birmingham region to attain their aspirations and fulfil their potential.”
Clive Broadhurst, investment executive at Finance Birmingham, added: “I have no doubt that we will continue to see great things from Sean and his team over the course of 2014 and we hope that his success will encourage other businesses to apply for our funding programmes as we look forward to another successful year.”