Rosebud fund invests six figures in VSG
Barrowford based VS Group Holdings will recruit new staff and expand the reach of its work after securing £100,000 of investment from Lancashire County Developments Ltd’s Rosebud Fund.
VSG, established in 2012, provides broadband, internet, telephone systems and photocopiers for the not-for-profit sector and will use the finance to double in size and hit 1,000 charity clients within the next five years.
The firm currently works with major charities including Citizen’s Advice Bureau, MIND and MenCap and will add two or three new employees to its existing team of 13 to handle the increased workload.
The finance deal is the first investment made by the Rosebud Fund under the management of GC Business Finance, which has been designed to create around 150 jobs per year. It will focus on a number of high-growth sectors including energy and environment, health, manufacturing and professional services.
Kevin Penman, managing director of VSG, said: “Since establishing seven years ago, our aim has always been to assist voluntary and charitable bodies to gain access to leading-edge technology at reasonable rates.
"These charities do incredible work and this investment from the Rosebud Fund will enable VSG to grow rapidly as we look to expand our client base across the regions and help more not-for-profit organisations help more people throughout the UK.”
This investment from the Rosebud Fund will enable VSG to grow rapidly as we look to expand our client base
Mark Gibbons, senior business loan manager at GC Business Finance, said: “We are excited to have completed the first transaction from the Rosebud Fund and are looking forward to working with Lancashire’s SME community to drive growth across the region.
"VSG is centred around helping people directly through its work with charities or indirectly with the people that benefit from its support, and its expansion across the North and Yorkshire will enable it to provide the highest quality advice and have a direct impact on local areas and the charities that work within them.”
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