Instrumentation and monitoring specialist Itmsoil has said that new investment and a change of management will drive a focus on its future development.
Under the deal RCapital, which specialises in business trouble shooting, will invest an undisclosed amount in Itmsoil.
In a statement, the company said: “Despite a full order book which will bring a turnover of close to £10M this year, Itmsoil has been forced into a position of financial difficulty through issues with recovering payments from a small but significant number of customers. It is extremely frustrating as Itmsoil, throughout its history, has been a well-managed, stable and successful company. However, we believe in the future of the company and its continued success, and are glad to have the support of Rcapital.”
The company has not revealed the financial details of the agreement.
“Rcapital was one of a number of potential investors interested in the business but we felt it was the most committed to working with us to secure a successful future, and had the experience, focus and passion to help us to achieve it,” said managing director Jonathon Scott who it was also announced will now head up the business in the place of former CEO Mark Kirkbride.
In its statement, the company added: “The investment will be put towards strengthening the factory, it will enable our site teams to take on more and varied monitoring services in the UK as well as to give us the platform from which to build on our position internationally.”
RCapital is noted to have worked with a number of major brands in the past, including another instrumentation and monitoring business Plowman Craven, which has today announced the recruitment of former Itmsoil employee Nick de Rossi as head of engineering.