Merthyr Tydfil business captures gap in automotive industry after finance boost
A Merthyr Tydfil business is on an upward trajectory, cornering a gap in the automotive industry, after securing a finance package through the Investment Fund for Wales, that has allowed them to invest in staff training to deliver leading technology which could save drivers thousands of pounds.
Screen Genie, which is based on Pant Industrial Estate, has been trading since 2016, originally repairing or replacing vehicle glass. However, with most modern cars equipped with Advanced Driver Assist Systems (ADAS), director Matt O’Keefe saw potential business growth in taking on innovative repairs beyond windscreen restoration, and, after securing finance which led to him investing in staff training, the business has gone on to secure a new contract and has joined the Innovative Repair Group (IRG) where they now carry out work which feeds through from their six garages across south Wales.
Director Matt O’Keefe explains: “Our business has been growing steadily since 2016 and we’ve fixed hundreds of windscreens across South Wales. However, with most modern cars equipped with ADAS, such as lane assist and automatic emergency braking, we saw a gap in the market to ensure drivers were safe, and protected through their insurance, by getting their vehicles calibrated after any maintenance work.”
Earlier this year Matt was recommended to contact BCRS Business Loans, and he worked with South Wales business development manager, Niki Haggerty-James. Through this relationship Screen Genie was successful in obtaining a £25,000 finance package from BCRS Business Loans, fund manager for the Investment Fund for Wales, which was launched by the British Business Bank in late 2023.
The finance has allowed Screen Genie to invest in training all four members of staff to the highest ADAS accreditation, allowing them to carry out work on vehicles to deliver a full recalibration service.
Matt continued: “This funding has boosted our business potential, and we are now all trained to deliver this service to help keep people safe on the roads. With automotive technology advancing so quickly it’s vital that drivers understand the importance of maintaining their vehicle to the highest standards.
“There is a grey area surrounding ADAS, with many people not realising that if they carry out maintenance on their vehicle, they need to get it recalibrated to remain safe, otherwise their insurance is likely invalid, meaning they could be thousands of pounds out of pocket.
“We are proud that Niki and the team at BCRS saw the potential in our business growth plans and worked with us to secure this finance.
“We are now one of only three garages in the whole of Wales which can deliver ADAS maintenance and are hopeful that this opportunity will allow us to continue to benefit from growth. As a business we invest in our staff and this funding has allowed us to do this through training. As Screen Genie continues to grow, the next stage will involve taking on more staff.”
Niki Haggerty-James, business development manager at BCRS Business Loans, said: “Screen Genie has built up a solid business in repairing windscreens so when Matt came to us looking for support in achieving his aspirational growth plans, we were happy to work together to explore the opportunities and secure the funding.
“BCRS are a story-based lender, and we support businesses that often find it difficult to access finance through traditional routes. We pride ourselves on our bespoke support and base our decisions on the business itself, not computerised credit scores.”
Bethan Bannister, senior investment manager, Nations and Regions Investment Funds, British Business Bank, added: ”The Investment Fund for Wales was launched to support businesses like Screen Genie in their ambitions to scale and grow. Matt has clearly identified a gap in the market in offering motorists ADAS maintenance, which is largely unavailable in Wales, and we’re pleased that the funding has been made available to him in order to help realise his business goals.”
The British Business Bank backed Investment Fund for Wales operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2m and equity investments up to £5m to help small and medium-sized businesses start up, scale up or stay ahead. BCRS Business Loans is managing the smaller loans part of the fund (£25,000 to £100,000). FW Capital will be responsible for larger loans (£100,000 to £2m) and Foresight will manage equity deals (up to £5m).
The Investment Fund for Wales helps to increase the supply and diversity of early-stage finance by providing options to smaller businesses that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.
Having worked with SMEs unable to access finance from traditional sources in the West Midlands since 2002, BCRS Business Loans has expanded into Wales to help smaller businesses there prosper and thrive under the fund, which was officially launched in Cardiff in November.
Since BCRS was founded as a community development financial institution in 2002, it has provided loans worth more than £85m to businesses across the West Midlands. A social impact report for the last financial year showed BCRS lent £6.5m to 72 businesses, safeguarding 999 jobs and creating 473 roles, adding £33.7m in value to the economy of the West Midlands and surrounding region.
