27.04.2009

Monkey Tower receives funding

Essex, UK, based Monkey Tower has secured funding from the National Westminster Bank, to support increased sales under the UK Government’s recently launched Enterprise Finance Guarantee Scheme (“EFG”).

Monkey Tower is run by Dr Alan Watt, who has previously undertaken work for NASA, BP and London Underground. The company has developed a self erecting towable scaffold system under the Monkey Tower brand.
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(L-R) Charlie Hunter and Phil Clarke of NatWest with Alan Watt and Lesley Perone of Monkey Tower.

The tower can be raised by a single person from the ground with up to 75kgs of tools and equipment on the platform. The tower itself lets up to two people work at a height of up to 6.5 metres and with a stowed width of 700 mm it can be manoeuvred by one person through a single doorway.

Following successful development the product has been taken on by several rental companies, including Speedy Hire, the UK’s largest general rental company.

The company has banked with NatWest from its inception and the loan will be used to support the ongoing operations of the company and provide funding to support further production of the Monkey Tower system.
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(L-R) Alan Watt of Monkey Tower with Charlie Hunter and Phil Clarke of NatWest

EFG is the Government backed scheme which aims to ensure that smaller businesses have the necessary working capital or investment finance in place to help them through the difficult economic climate. Under the EFG scheme, the government will guarantee 75 percent of any loans made, with the bank covering the remaining 25 percent.

Watt said: “Despite the harsh economic environment these are exciting times for Monkey Tower. After a lot of investment in developing the product it is very rewarding to see it progressing so well with a wide variety of end users from painting and decorating and general maintenance to CCTV and lighting."

"The contract with Speedy allows us to break into the hire market where we can see great demand. With an innovative product and growing sales this additional funding is a great boost to the company and its operations.”

Charlie Hunter, Senior Manager, Commercial Banking at NatWest, Chelmsford who leads the bank’s relationship team for Monkey Tower Ltd adds: “The ability to support Monkey Tower with funding under EFG is a great example of how a business with a viable commercially focused business strategy can raise funds in today’s market. The loan provides financial security for the company to continue with the manufacturing and marketing of the product as they seek to grow additional revenue streams.”