Finance Yorkshire support leads to £200k MoD contract win for construction firm

Construction firm Fast-Form Systems has won a £200k contract with the Ministry of Defence to support the construction of three soldiers’ accommodation blocks on remote hilltop sites in the Falkland Islands.

The Grimsby-based formwork business, which has received £700k in backing from Finance Yorkshire since 2014, helps to reduce build times, costs and carbon use by supplying reusable, adjustable stainless steel brackets that hold boards securely in place for concrete pours.

Fast-Form Systems was selected by the MoD because its products provided “ease of use, cost and time savings” and “excellent customer service”.

Finance Yorkshire has financially supported Fast-Form Systems with investments from its Seedcorn fund. The funding has enabled the business to grow from two to 11 employees, expand its marketing and invest in stock.

Tony White, Fast-Form founder and director, said: “We won the MoD contract because we were able to act quickly, set up a trial and show them how simple and quick our product is to construct.

“The funding and continued support from Finance Yorkshire has enabled us to invest right across the board. As a result, we are winning contracts, hiring more people and developing new products - often bespoke solutions for clients.”

Capt DN Smith, of the Ministry of Defence, said: “After an exhaustive tender process which included a trial of the system against a well-known product, Fast Form was chosen for its ease of use, cost and time savings, and its excellent customer service.”

Fast-Form Systems began trading in 2014, and Tony is currently planning for international expansion, following a recent visit to Saudi Arabia with UKTI and discussions with potential distributors in New Zealand and the US.

Alex McWhirter, chief executive of Finance Yorkshire, said: “Our Seedcorn fund was established to accelerate the growth of companies such as Fast-Form Systems, who benefit from hands-on support from a specialist investor. I’m delighted that our funding has enabled this innovative and exciting business to realise its potential for creating jobs and bringing business into the region.”

Graham Davies, Finance Yorkshire investment manager, added: “The latest contract from the Ministry of Defence is just the tip of the iceberg for what we believe Fast-Form Systems can achieve. We will work closely with Tony and his team as they continue to grow.”

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15k to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →