CoreRFID management completes six-figure buyout

The deal represents a 3.2x return on investment for Mercia, who had bought in via its Coalfields Enterprise Fund.

The Skelmersdale company, which employs nine people, serves an international client base including large corporates such as London Underground, ICL and BAE Systems, major supermarkets and law firms.

Terry Allen, chair of CoreRFID, said: “Setting up in business just before the credit crunch was not the most auspicious start and the first few years were tough. However Mercia supported us every step of the way, not only by providing funding but also practical advice and support.

Paul Taberner, investment director with Mercia, added: “CoreRFID’s experience shows that tech start-ups need patient, long-term, investors like Mercia which can support them at each stage of their development. "As the business is now firmly established, we wish the team all the best in exploiting the considerable opportunities ahead.”