Continued investment strategy for Lancashire firm specialising in cutting-edge alloy wheel repair
A North West company, which uses cutting-edge tech to refurbish alloy wheels, is moving ahead with its planned growth strategy after receiving support from Access to Finance Lancashire.
Adlington-headquartered DA Techs, founded in 2017 by Jamie Baxter and Phil Barnard, is an engineering business continually looking to innovate and think ahead to secure its marketplace and future.
The company offers diamond cut and painted alloy wheel refurbishment for trade and private customers after developing a portable lathe which is transported to clients in a state-of-the-art mobile workshop.
It has also developed a custom-built wheel pod which has all the necessary equipment to repair a wheel including a lathe, spray facility, wheel balancer and tyre change.
DA Techs has continued to invest in the business thanks to continuing support from Access to Finance Lancashire (A2F Lancashire), funded by Lancashire County Council and the European Regional Development Fund.
Through this support, DA Techs, was able to access a grant from the Made Smarter programme to digitise its operations and was boosted by a finance facility from the County’s Rosebud Fund last year to develop its first pod.
Despite current economic conditions the company remains focused on its growth strategy and together with Access to Finance they have been successful in securing additional investment to fund a move to larger premises, buy a new powder coating machine to speed up the repair process as well as supporting the development of new pods.
DA Techs, which employs 21 staff, is in the process of installing its first pod in the north west following the success of a pod deployed at a car auction site in Colchester.
Thanks to the latest funding, it plans to build more pods and lease them to clients including franchise dealers and auctioneers.
The business is projected to increase revenues by 30% in the next financial year.
Phil Barnard, co-founder of DA Techs, said:
“Following the initial lockdown, we were closed for a few weeks as most of our customers, such as car supermarkets, had to shut.
“We were in a much stronger position going into the second lockdown as we continued to invest in the business.
“So far we’ve invested £100,000 since we reopened in June. This meant we were able to acquire new equipment including a van and in the ongoing development of the business which has ultimately helped to speed up our operations.
“Our aim is to be in a stronger position so that when we come out of the pandemic, we’re in a good place to scale and grow.”
Phil has been working closely with Access to Finance specialist Caroline Turley since 2019 for funding support.
Access to Finance Lancashire was established in 2009 to simplify the diverse funding options available to local businesses, to help inform sound financial decision-making. A2F Lancashire offers expert financial support at no cost to eligible businesses.
Caroline supported DA Techs through providing access to the Made Smarter programme, Rosebud and CBILS funding schemes.
“Caroline Turley has been a great support for DA Techs. Not only did we feel like we had the backing and support from the team at A2F Lancashire, but Caroline has a complete understanding of our business, what we’re doing and our ambitions.”
Caroline Turley, Access to Finance Specialist at A2F Lancashire, said:
“DA Techs is a focused, efficient and forward-thinking business which is open to new ideas and has huge growth potential.
“There are a vast number of funders in the marketplace at this time. Navigating this complex arena can be difficult and time consuming. We helped them tap into different types of funding and worked closely with the founders to make sure they were the right fit for the business.”
She added: “This is a real innovative engineering firm that has turned the market on its head and has found a way to take its services direct to the consumer and I’m looking forward to seeing it grow further.”
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