Redruth based eco house builder and designer Cloud Nine has just secured over £1/4 million from investors led by Finance Cornwall with significant funding from existing and new business investors, showing a long term commitment to the company.
The deal was completed at the end of December 2008, with investors backing the company’s push to expand into new markets with its sustainable, low energy and accessibly designed residential houses and eco lodges for holiday accommodation.
Chris Chapman, CEO of Cloud Nine said: “The decision by Finance Cornwall and our other investors to back Cloud Nine demonstrates their confidence that the company and its products can thrive in the current market.
“We believe that the strategy to take our accessibly designed eco houses to push into the eco lodge market will prove effective, providing the holiday market with a longer rented season by attracting more visitors, which is vital in this part of the world.”
Cloud Nine’s low carbon housing with its ultra efficient heating systems that cost as low as £26 a year to heat, make them an ideal replacement for old or temporary holiday dwellings across the region.
Robert Seymour managing director of Finance Cornwall Fund Managers said: “Cloud Nine has clearly demonstrated its ability to adapt to changing markets and has the potential to be very successful through its own innovative design,and flexibility.We were more than happy to invest further in the company.”
Cloud Nine has a strict ‘inclusive design’ policy as well as adherence to the ‘lifetime homes’ concept and is urging the region’s tourist industry to meet the needs of all its visitors, whether young, old, parents with children, physically impaired or people recovering from an illness or accident.
Teresa Timms, Head of Visit Cornwall said: “In a county like Cornwall, where we rely so heavily on tourism it’s vital that we appeal to everyone in our society who wants to visit our glorious beaches, countryside, towns and villages.
“Therefore we support all initiatives that provide accommodation that doesn’t discriminate and is accessible through inclusive design. Not only do we see this as a positive move in its own right but also makes economic sense by increasing the amount of visitors and extending the holiday season.”
Chris Chapman concluded: “Accessible design makes financial as well as ethical sense. For example by 2025 a third of the UK’s population will be over 55 and this group take the most holidays and often has a higher disposable income. Currently only 2% of the region’s tourist accommodation providers are signed up to be accessible and Cloud Nine lodges present an immediate way to meet the opportunity.”
“We hope that our strong products, offering low cost, low carbon and energy efficient homes for the tourist industry and individuals will attract a wider range of visitors to the region through our ‘inclusive’ house design.”
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Notes to editors
For more information about Cloud Nine visit – www.cloudnine-living.co.uk
The company is headed up by Chris Chapman, CEO and co-founder director whose background is in design, development and financing large projects. The management team include Dave Sandbach, chief technical officer, and Jerry Davison, finance director
Prior to this latest round of funding in December 2008, the company has already acquired £680,000 of private investment, £250,000 of which came from Finance Cornwall with the majority of Business Angels coming from SWAIN (South West Angel Investment Network).
Cloud Nine has a range of beautifully-designed, eco-friendly, robust timber buildings, which conform to the concepts of inclusive design and a house for life.
The company’s houses are perfect for full residential and holiday accommodation use, offering space, freedom and the chance to take a big step on the path to low-carbon living.
Through the Cloud Nine website businesses, developers and individuals can design buildings to be specific to their site with state-of-the-art 3D models.
Finance Cornwall, which came to the end of its investment programme on 31st Dec 08, is a £20m venture investment fund targeting small and medium sized enterprises in this region with a range of equity, mezzanine and debt capital. Finance Cornwall lent or invested from £20,000 to £1 million per business and invested £18 million in 130 businesses; levering £39 million into the Cornish economy, creating over 300 jobs and safeguarding over 1,300. It is part funded by the EU through the Objective One Programme for Cornwall and the Isles of Scilly.
Finance Cornwall’s funds are administered by Finance Cornwall Fund Managers Limited; an investment company authorised and regulated by the Financial Services Authority registered in England and Wales, number 05010380, registered address 14 High Cross, Truro, Cornwall, TR1 2AJ.
For further information visit: www.financecornwall.co.uk |
