Client profile: Imaginet

Business

Nigel Roberts and his partners founded Imaginet in 1995, working from a bedroom in Newport. The web solutions company now employs 22 people.

Funding needs

Nigel found that as a software company that didn’t make anything, or have tangible assets such as machinery, banks were reluctant to lend the money needed to help the business grow. An independent valuation of the company’s registered trade mark was made.Within days a verbal indicative of £60,000 was given. A final value of £68,000 was agreed on the trade mark a few weeks later. This asset was then used as loan security.

Result

Nigel accessed funds from his pension with a SSAS, using the intellectual property from his business. He has since accessed the funds two further times.

Going Forward

Imaginet continues to expand and in 2013 won the Online Retail Award for Agency of the Year. Nigel’s most recent use of pension-led funding enabled him to secure a £60,000 matched- funding grant from the Welsh Assembly’s Digital Development Fund. The money will be used to help the company adapt its services for use by mobile devices.