Turnaround funding specialist Seneca Investment has boosted its backing for Rotherham construction group MSSR Forecourt Developments.
Bawtry Road-based MSSR began life providing specialist construction services for petrol forecourt operators before diversifying into other areas of construction.
A year ago, MSSR took a 51 per cent stake in Cambridge and Grantham-based interior design and construction company Tienda, with Seneca acquiring the rest of the business. Seneca also brought Birmingham-based retail display systems specialist T&E Display into the mix.
Now it is injecting further cash into MSSR as part of its strategy to bring the three businesses together.
Michael Sanders, managing director of MSSR, T&E and Tienda said: “As a result of this additional investment from Seneca, we can ramp up our full-service manufacturing, design and construction offering to existing and new clients across the UK.”
Since Seneca was launched in 2012 with the aim of supporting small and medium enterprises in a challenging economic climate, the firm has backed 13 companies in and around Yorkshire.
Michael Cantwell, corporate partner at Sheffield law firm Hlw Keeble Hawson, has acted for Seneca on a number of the deals, including its £1.3 million investment in MSSR over the last 15 months.
He said: “The MSSR deal will boost growth, continue to build a new client base for all three complementary businesses and be able to offer clients a full turnkey package – all of whom will benefit from a high level of strategic expertise and capital investment from Seneca.
“As a turnaround fund Seneca has been instrumental in helping to safeguard hundreds of jobs in a short space of time and provide working capital for businesses that are benefiting enormously from the fund’s support.”
Seneca director Patrick Bywater praised Hlw Keeble Hawson. “We commissioned Hlw Keeble Hawson because of its sound understanding of the SME market and the firm once again completed the deal speedily and efficiently,” he said.