Law firm helps lay foundations for latest investment | 25 September 09

LAW firm Ward Hadaway has helped an investment fund build up a stake in a company providing innovative building products.

Company and commercial law experts at the firm advised Entrust-managed North East Equity Matching Fund (NEEMF) on an investment in Advanced Modular Systems.

Working alongside County Durham steel frame manufacturer EOS, Newton Aycliffe-based Advanced Modular Systems uses steel frame constructions to make modular constructions used for everything from garden room extensions to leisure park homes and chalets.

The resulting buildings are much more cost-effective to build than traditionally built structures and take only weeks to complete, rather than months.

As well as the leisure market, Advanced Modular Systems is also looking to target its technology at the social housing sector and has already built two prototype modular homes, one in Scotland and one in southern England.

NEEMF is investing in the business to match £110,000 put in by a private investor.

Damien Charlton, partner in Ward Hadaway’s company and commercial team, advised NEEMF on the investment, the latest in a series of funding injections which Ward Hadaway has advised the fund on.

Damien said: “We are delighted that NEEMF has again chosen Ward Hadaway to provide legal advice on one of its investments.

“The fund provides a valuable source of capital for North-East businesses and means they can help to pursue opportunities to grow their enterprises.

“Advanced Modular Systems offers an innovative approach to building construction and this investment will hopefully help them to realise their ambitious goals for the business.”

NEEMF, which fully invested its capital earlier this year, is operated by business development company Entrust and works by matching funding from private sector investors in selected North-East companies, thus effectively doubling the amount of investment the businesses receive.

Sarah Thorpe, Investment Executive, NEEMF, said: “We are delighted that through NEEMF we have been able to have such a positive impact on some of the region’s high growth companies.

“The investments are ensuring these businesses realise their potential.

“The investment in Advanced Modular Systems is a great example of how the fund has worked successfully and we wish them well.”

As well as the investment in Advanced Modular Systems, Ward Hadaway has also advised NEEMF on a follow-on investment in mobile telecoms technology company Trackaphone.

Based in Wallsend, Trackaphone specialises in tracking devices used to keep track of assets and people.

The company will use the NEEMF investment to provide further working capital for the business.

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