A Codnor company which provides outside technical support to television companies has received a £153,000 grant to help it take on more staff.
Cloudbass, on Codnor Gate Industrial Estate, has received the grant from from the Derby Enterprise Growth Fund (DEGF) to help the company buy the 27,000 sq ft premises that it currently rents.
This will halve its monthly outgoings and release the funds needed to continue its rapid growth and create at least 14 new jobs.
Cloudbass provided technical support and crew for the Torch Arrival as part of the London 2012 Olympics opening ceremony and its regular contracts include BBC’s ‘Question Time’, Manchester United Television and Liverpool FC Television.
Cloudbass Director Steve Knee said: “We are a fast growing company – doubling in size twice in the past two years - but this brings its own set of pressures, particularly in terms of cash flow.
“We identified that buying rather than renting this building in Ripley would massively reduce our outgoings and give us the confidence and resources to expand our workforce.
“We contacted the Derby Enterprise Growth Fund to investigate whether we met their criteria. Their support has been a shot in the arm for our company. We have already taken on ten new members of staff.
“With a number of new contracts on the horizon, we are expecting to take on a further four skilled people in the coming months and many more in the medium and longer terms. We are committed to staying in Ripley.”
The £3 million turnover company was set up 11 years ago by a group of former lecturers and students from the University of Derby. It currently employs 27 people and runs a fleet of 35 outside broadcast and related vehicles.
To find out more visit: www.derby.gov.uk/degf