Danwood to use 'war chest' to fund European and UK expansion

The print equipment supplier has set its sights on expansion in Belgium, France and the Netherlands and has plans to spread further afield at a later date.

Englefield has taken a 30% stake in the company. The investment was supported with debt from Barclays Bank and the Royal Bank of Scotland.

Danwood managing director Colin Daniels said: "We have expanded in the UK and Ireland, but we needed this capital to make further investments in mainland Europe.

"Sub-contractors do not offer the same quality that we do and we have customers that already have businesses in Europe. These investments are driven by those customers."

Danwood Group is already in talks with several European businesses, although no deals have been finalised at this stage.

Daniels said: "Now that we have the war chest available, it is just a case of agreeing deals."

In the next four months, Danwood will also be adding to its UK business with the purchase of three companies, Daniels said.