Matt Eves (top), senior manager with Target Corporate Finance, tries out a Playforce product, along with Edward Webb, who along with his wife Rachael, founded the business, ten years ago

LEIGH ROBINSON reports on the rise and rise of Playforce, the Melksham company that started with a Prince's Trust grant and has grown by an average of 78 per cent a year.

A business couple, who last year won the Wiltshire Business of the Year award, are now millionaires.

Edward and Rachael Webb, who started their company ten years ago with a £5,000 loan from the Prince's Trust, have sold part of their company Playforce via a £7 million management buy-out supported by ISIS Equity Partners and HSBC Bank.

The company is one of the leading providers of children's play areas to schools, The couple will still retain 40 per cent of their company and will continue to grow the company.

"It's been an amazing ten years since we started, and we aim to double our turnover from now until 2010," said Edward.

Based originally in Holt but now in Melksham, Playforce was initially a sub-contract business, installing play equipment for other manufacturers.

It soon spotted the demand for school playgrounds and designed a range of timber trail equipment to help children's balance and co-ordination skills.

And in 2002 it stopped sub-contract work altogether to focus on solely on its own products.

Since then, sales have grown by an average of 78 per cent a year, to reach a turnover of £6.4 million in 2007.

Playforce was named as one of the Sunday Times Fast Track 100 companies and was also the Wiltshire Business of the Year in last year's annual Newsquest awards.

Appropriately, Target Corporate Finance, who sponsor the Newsquest awards, advised the Webbs on the deal, which will allow them to realise 60 per cent of their investment to provide funds for growth, while retaining 40 per cent of the company.

Matt Eves, senior manager with Target Corporate Finance said: "Playforce is an excellent business, with innovative, high quality products and lots of potential for growth.

"However, there are further opportunities to expand into the local authority and leisure sectors, develop new product ranges and widen its geographical coverage.

"This investment by ISIS will allow it to follow up these opportunities and to become a major force within the play industry."

Edward Webb said: "We have experienced industry leading growth over the last three years, with a particular emphasis on the education sector. I am delighted to have secured funding and expertise from ISIS to push forward our growth plans.

"The investment will ensure that service, growth, and innovation remain at the forefront of everything we do."

Paul Morris, who led the transaction for ISIS added: "In Playforce, we are backing a market leader in the supply of playground equipment to the education sector, with an exceptional track record of growth.

"ISIS will be focused on providing support and, if necessary, further investment, to ensure the business continues to take advantage of the market opportunities."

ISIS have invested £4.2m with HSBC West and Wales providing acquisition finance and working capital facilities.

3:01pm Tuesday 5th February 2008

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