Home Manufacturer fund Cornwall marine products maker Workfloat to create jobs after £200,000 investment

Cornwall marine products maker Workfloat to create jobs after £200,000 investment


A Cornish maritime manufacturing business is set to grow, create jobs and expand into overseas markets after securing £200,000 in investment.

Penryn-based Workfloat, which also trades as Scaffloat, offers two key fully certified products using its patented float technology: self-propelled bespoke pontoons designed to fit into scaffolding and easily transportable work boats for use in commercial marine engineering.

The company has secured a £140,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) in a £200,000 funding round, including matching funding from private investors , led by appointed CIOSIF fund manager, The FSE Group.

What else has CIOSIF invested in?

The investment will be used to support the overall growth of the business, enabling the development of new products, increased marketing activities and expansion into overseas markets as well as the creation of new jobs within the business. .

The market for marine platforms is currently dominated by a choice between heavy, non-mobile products, or those offering mobility but which are less robust with limited capacities.

Workfloat claims to have identified a gap in the market by providing and providing a mobile, resilient and fully functional solution. The company also provides marine management services to ensure that its customers get the most out of its products.

Demand for Workfloat’s products is strong, with the company recently supporting high-profile projects including maintenance of Queen Elizabeth-class aircraft carriers, network rail bridges, Highways England assets and the Agency for environment.

Toby Budd, Managing Director and Founder of Workfloat, said, “Over the past three years, we have worked hard to create a transportable, cost-effective work platform to overcome the challenges of current market offerings.

“Our products are gaining momentum in the UK and overseas and this funding will allow us to maximize the opportunities available to us, continuing to grow our business globally while firmly maintaining our roots in the South West.

“Having CIOSIF on board as an investor, with the added benefit of the FSE team’s experience in finance and corporate governance, will be extremely beneficial in growing and professionalizing our operation.”

Workfloat, based in Penryn, manufactures self-propelled pontoon boats

Ralph Singleton, Head of Cornwall Funds at The FSE Group, said: “Workfloat has a credible management team led by Toby whose experience in the maritime sector, as well as in successfully building and exiting a portfolio small businesses, puts the business in a strong position for growth.

“The business is well supported by credible private investors who understand the commercial maritime space and the team continues to develop innovative, award-winning products to fill a known gap in a niche market.

“CIOSIF and FSE are keen to invest in this important Cornish sector and we look forward to working with Workfloat as it continues to grow.”

The £40m Cornwall and Isles of Scilly Investment Fund is providing debt and equity funding of between £25,000 and £2m to help small businesses grow in the region.

It was created by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is managed by fund managers named The FSE Group.

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Sarah Newbould, Chief Investment Officer of the British Business Bank, said: “This is the fund’s latest investment in Cornwall’s maritime sector and will lead to direct job creation within the business and benefit the community. Workfloat’s manufacturing supply chain, which is primarily based in Cornwall. We are delighted that CIOSIF has helped attract additional outside investment and wish Toby and his team the best of luck.

John Acornley, Non-Executive Director of LEP and Chairman of the CIOSIF Advisory Board, said: “Workfloat has developed a versatile and innovative product with a wide range of applications, from construction to commercial diving, surveying, aquaculture and even film work. This diversity is a real strength of the company and we look forward to its continued growth.

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