TECHNOLOGY company Controlled Blasting Solutions (CBS) has won £180,000 investment from the Finance for Business North East Angel Fund and a syndicate of high net worth individuals.
North East dealmakers acted on the deal to get money for the Nottingham- based company to develop its patented Gasblaster product and market it to key countries, particularly China and South Africa.
Gasblaster is a patented low-energy explosive device which can break rock in sensitive areas such as city centres and under the sea. CBS is currently investigating opportunities in the demolition sector in Shanghai and other cities, and in specialist over-ground locations.
David Proctor, chief executive of CBS, said: “The investment is a major milestone for the company. It means 2013 begins in the best possible way for CBS, offering opportunities with our technology in challenging and exciting regions of the world.”
Watson Burton advised CBS while corporate finance advice was provided by Roland Tate of Tiger Corporate Finance.
Paul Wigham, corporate associate at Watson Burton, led the legal team on the deal.
He said: “We’re delighted to be involved in an investment that will help CBS open up in international markets. It has developed a unique product which can now be brought to the attention of companies worldwide.
“The deal illustrates the breadth of talent in Watson Burton in helping to raise finance for companies across many sectors.
“Looking at the firm’s deal figures over the past 12 months we have helped to invest around £30m of equity for private companies, which is great news for each of the companies involved, as well as the regional and UK economies.” Roland Tate of Tiger Corporate Finance added: “It’s great news that the CBS investment has completed quickly and smoothly. It is one of the first Seed Enterprise Investments in the region, which allows individuals who invest to claim back income-tax relief equal to 50% of the amount invested.”
Jonathan Gold, director of River Capital Partners, which manages the Finance for Business North East Angel Fund, said: “We are impressed with the momentum of CBS and delighted to help it develop Gasblaster in a competitive global market. CBS is leading the way with its low-energy technology.
“In addition the investment into CBS highlights the fact that the fund can act as an angel co-investment fund with existing high net worth individual investors and syndicates.”