WQS contacted our Enterprise Team when the need to raise working capital to service a series of large public contracts arose. The loan finance helped plug the gap in a £150,000 funding package, enabling the business to resource itself to meet the scaled up demands.
The company, who have been trading in their current form for two years, specialise in the monitoring, maintenance and upgrade of hot and cold water systems to help control the possible growth of Legionellosis. Customers span the public and private sectors across most of Scotland, with the majority located in the central belt.
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Established by brothers Kevin and Des McGivern, WQS (UK) Ltd employs 17 staff and operates from 2,000 sq ft premises at Chapelhall Industrial Estate.
A second business, Wonderseal Ltd, which provides 'patches' for the repair of commercial water storage systems and is also run by the brothers, is seeing similar success, with products being shipped overseas to Belgium, Germany and the US to meet increasing customer demand.
WQS Director Kevin McGivern said: "In WQS, 90% of our work comes from local authorities and the public sector. Contracts in this space can be high-value and framework driven providing a secure pipeline of work which is great, but cashflow for a young company like us, was a challenge.
"We were confident of our abilities to deliver on the contract requirements but just needed the injection of capital to allow us to get started. The loan funding has helped finance five new employees and three vans, propelling us forward and taking the business on to a new level."
Yvonne Weir, our Enterprise Manager added: "Business Loans Scotlandfunding can be used for multiple purposes and it is pleasing to see the impact that this loan has had in servicing a need for working capital. These contract wins will undoubtedly be a big confidence boost to the company and will no doubt pave the way to winning more work, enabling the business to grow turnover and jobs here in North Lanarkshire."
