A COMPUTING firm which recycles and resells hardware is set to expand its presence in global markets after securing a six-figure investment.
North-East based RefurbThat.com buys and refurbishes bulk lots of computing equipment, adding more than three years to the life of each item, and then resells them through its website, as well as via other online retailers.
To help support its development plans and provide the flexibility it needs to make new purchases when opportunities arise, the firm has secured a £150,000 investment from the Finance For Business North East Growth Fund, administered by fund management firm NEL Fund Managers.
This is the key part of an initial round of £475,000 of funding with other investors being the incoming management team and a US-based fund.
RefurbThat.com is one of only five Microsoft Authorised Refurbishers in the UK and has been steadily growing in recent months, with shipments of several hundred pieces now being regularly received at the company’s Cramlington headquarters from the UK, and countries including France, Germany and the US.
Much of the equipment comes from large corporations refreshing their IT equipment.
Originally set up in 2005 as an IT services provider, the company refocused its business model last year.
Managing director Mark Harrison, who has recently returned to the UK after several years in the US computing industry to join forces with his brother Mick, said: “The additional capital we’ve now secured gives us the flexibility we need to grab purchasing opportunities as they come up, and to also look in detail at the markets into which we can grow in the future, so we can see how we can get the best available returns.
“We’re very proud to be a north east company, and finding an enthusiastic investor within the region like NEL fit in very well with how we want to work.”
Aimed at regional businesses which are at a development and growth stage, the Growth Fund forms part of the wider Finance for Business North East Fund. For more information, visit nel.co.uk or contact the investment team on 0845-111-1850.