The Rayleigh, Essex-based business was founded in 1994 by MD, Paul Underwood, initially focusing on gift, loyalty and membership cards before expanding into the credit, debit and prepaid card market and achieving Visa and MasterCard accreditation in 2000. Its customers come from banking, retail, telecoms and ID and, in 2013, TCT manufactured over 175m cards, generating sales of £18m.
The investment came from the independent BGF Fund which invests in businesses with growth potential in return for a minority equity stake and a seat on the board for a BGF director. It is the company’s 14th investment in the manufacturing sector.
“After 19 years of building TCT and funding growth from our own cash proceeds, I took the decision with my senior team that it was time to secure an injection of equity finance so that we could go further, faster, to realise our growth ambitions,” said Paul Underwood. “There are significant opportunities to go for in the next three years and we wanted to ensure that lack of finance did not hinder us from doing that.”
Andy Caffyn, the former CEO of Deloro Stellite Group and Avery Weigh-Tronix, will join the TCT board as non-executive chairman, BGF’s head of manufacturing Mark Bryant will also provide operational support and investment director Rory Pope will join the board as BGF’s representative.
Copyright Ken Hurst 2013