3 December 2015 10:30
Growth for South West drilling company
Devon-based specialist diamond core drilling company has been going from strength to strength following investment from SWIG Finance.
Founded in May 2014 by Edward Taylor, 32, Dymacore Limited launched initially as a consultancy before moving into drilling and sawing operations a few months later.
Working across the South West with everyone from national construction companies, and local building contractors to civil engineering companies and private developers, Dymacore Limited provides diamond core drilling, technical concrete cutting and robotic demolition.
The company were successful in accessing £10,000 from SWIG Finance via the South West Loans Fund, European funding for small and medium sized business which are unable to access sufficient finance from the banks.
Founder and Managing Director Edward Taylor said:
“The equipment we use is highly specialist and therefore expensive.
“Although the economy is on the mend we found the banks were reluctant to assist us, especially as we are in the construction sector.
“After 6 months of trading, due to high demand, we needed further finance for extra equipment and with some careful budgeting and proof of complete financial control we obtained funding from SWIG Finance.”
As a father of three, with another on the way, Edward wanted to take financial control of his future and move into self-employment: “Our aim is to double our turnover and workforce by May 2016. We hope to expand on our loyal and valued customer base yet still provide an excellent and competitive service to new and existing clients.
“I can’t pretend it’s all been easy, it’s taken a huge amount of dedication, organisation and hard work, but without SWIG Finance’s help, support and advice, I may still be stuck in a job I wasn’t sure about!”
Dymacore were recently called into a project at Clevedon Marine Lake, used as a year round location for outdoor swimming, sailing, canoeing and kayaking. With its specialist drilling equipment Dymacore were able to drill a new penstock to enable easier drainage of the lake and avoid the costly, regular dredging of silt which was previously required.
In its first year of trading, Dymacore reported having achieved over 20% net profit in their first financial year and plan to continue to grow and expand in the future.
Managing Director of SWIG Finance, John Peters said:
“Dymacore is the sort of business which SWIG Finance is here to help; a dynamic enterprise with potential and a strong business plan but unable to access bank finance.
“We’re very happy for Edward that his business is continuing to grow and we wish him every success in the future.”