Investors snap up ‘carefully nurtured’ business

Angel Investors Marlborough has made its first ‘Dragon’s Den’ investment in Marlborough, and the two investors liked it so much, they bought the whole company.

AIM members Mark Unwin and George Elworthy liked locally owned and operated business Loring Distributors Solcor so much, that they decided to buy the business outright.

Solcor makes and distributes solid core rubber shock cords and bungy cords, as well as fittings and accessories, that are specifically designed for harsh marine environments with exposure to the elements and uv light.

The cords were used by boats in the Whitbread Round the World yacht race and passed with flying colours.

The company has export opportunities for its locally developed and proven products.

New co-owner Mark Unwin says he and George are ‘very pleased to take over this carefully nurtured business, introduced to us through Angel Investors Marlborough’.

“We are looking forward to carrying on the great work of former owner Graeme Fong and taking the business to the next level.”

AIM was set up to connect Marlborough business needing capital with investors looking for investment opportunities.

The organisation now has a steady stream of businesses that are pitching to its Angel Investors at ‘Dragon’s Den’ evenings.

AIM manager Brian Dawson has been pleased with the number of quality of presentations

‘We’ve been thrilled with the number of business owners who have confidently pitched their business to the Angels. It clearly shows that Marlborough has the ability to produce high growth scalable business that can be taken to the rest of New Zealand and the rest of the world’.

With ‘Dragon’s Dens’ being held every six weeks, AIM is looking for more high-growth scalable businesses that have ambitions to sell beyond Marlborough.

Business owners have found the requirement to consider their plans and goals for the future as part of preparing their presentations has been useful, Brian says, even if potential investment doesn’t happen.

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