The Greater Manchester Loan Fund (‘GMLF’) has invested £0.3m in Tactus Group (‘Tactus’) which started its business as a brand developer and wholesaler for premium quality mobile phone and tablet accessories. The funding will enable Tactus to acquire a new lease for a site in Salford, Greater Manchester to expand its product range and further penetrate the hi-tech consumer electronics sector. The acquisition of the Salford site lease will create around 10 new roles immediately with the potential for an additional 10-15 jobs over the next three years.
Founded in 2012, by CEO Scott Brenchley, who has over 20 years’ experience in the IT sales market place, Tactus has historically supplied products such as mobile phone and tablet accessories, including phone cases and headphones through a wholesale supply service to major retailers such as Amazon, John Lewis, Selfridges, Argos and QVC. Morerecently the company has expanded its range to encompass increasingly sophisticated and tech-driven products.
This includes the launch of Tactus’ iOTA, a Windows 10 tablet and keyboard including bundled Microsoft Mobile Office which is available to purchase through Amazon. Tactus was recently accredited as an Original Equipment Manufacturer (‘OEM’) with Microsoft, a status awarded to only a handful of UK partners.
The company has also developed its own brand of virtual reality (VR) equipment and accessories; the Tactus Pique VR camera which allows consumers to use mobile technology to create and view VR footage as well as produce a unique VR experience with immersive video. In addition, through a joint venture Tactus holds the exclusive European licence for Flexwarm, an innovative in-built heating technology for clothing, sleeping bags and muscle warmers which are controlled via a smart device.
The global consumer electronics market remains strong and the VR and wearable tech segments are expected to be the high growth areas over the next 18 months with considerable levels of investment expected from key developers and manufacturers.
The management team comprising Scott Brenchley, Sid Benson and John Osborne are highly experienced with a combined 45 years spent working in the IT wholesale market. The team’s extensive contacts enable the sourcing of high-end products from around the globe, such as the iOTA 2-in-1 tablet. Scott and the team have demonstrated their outstanding commercial abilities by successfully negotiating partnerships with Flexwarm and by securing agreements with retailers such as John Lewis, Selfridges, Amazon and Argos.
Launched in August 2013 by the Greater Manchester Combined Authority (GMCA) and managed by Maven Capital Partners (‘Maven’), the GMLF was established to provide flexible finance solutions to businesses throughout the region to support their growth while safeguarding and creating jobs. Since its launch the GMLF has supported over 25 businesses like Tactus to help them fulfil their growth aspirations. The fund continues to offer SMEs across the Greater Manchester region flexible finance packages of between £100,000 up to £750,000.
Alex Rothwell, Investment Manager at Maven, said: “Tactus is a hugely exciting business positioned at the very cutting edge of consumer technology. Through the GMLF loan, which will support the opening of the new warehouse, we are delighted to be supporting Tactus’ growth and the creation of new jobs in the Greater Manchester area. In this highly competitive and fast evolving technology market place companies must continue to develop innovative, valuable products to engage consumers and the highly experienced Tactus management team has consistently and successfully brought these products to market. The GMLF will continue to provide funding for other high potential SMEs in the Greater Manchester area which are looking to expand their products and services.”
Scott Brenchley, CEO at Tactus Group, said: “Working with Alex and the team has been a great experience and the board at Tactus are extremely excited to welcome Maven as a new partner. This injection of funds puts Tactus in a much stronger position to execute our opportunities and growth plans.”
Councillor Kieran Quinn, Lead Member for Investment and Finance for GMCA: “We are delighted to help a leading local hi-tech wholesaler like Tactus achieve its ambitious growth plans while creating jobs and leading innovation in the region.”
City Mayor Paul Dennett, said: “I’m delighted to see that Tactus will be expanding its operations in Salford and creating good quality jobs for local people. This is yet another example of our effective industrial strategy in Salford attracting high-end, well paid jobs for local people. MediaCityUK is now the number one area for digital and tech start-ups in the whole of the UK even beating the Silicon Roundabout in London. Increasingly more and more large companies, industries and businesses are looking to Salford to locate andinvest. This is the high-paid, high-tech economy of the future and we are building it right here in Salford. I wish Tactus all the best for the futureand look forward to working with them."