A Hertfordshire-based digital display company has secured a £10m international contract, creating new jobs, with the support of a “significant” funding package from Lloyds Bank Commercial Banking.
Esprit Digital, which manufactures out-of-home digital display screens, has won the contract with The Scentre Group, owner of the Westfield shopping centres in Australia.
The business will manufacture, install and maintain a network of 1,380 LCD displays across 37 sites.
Established in 2003 by Peter Livesey, Esprit Digital manufactures high-end digital advertising displays, which are already installed in venues across Europe including London Heathrow and Gatwick airports, the London Underground and Paris Metro.
Lloyds Bank, under the Export Working Capital Scheme, provided the business with a £1.1m trade facility in case of delays in the supply chain triggering delays in stage payments from the customer.
Esprit Digital currently employs 15 staff and has existing operations in the UK (Borehamwood) and America. Following the contract win, Esprit plans to build an office in Australia to provide on-the-ground support, with an additional eight members of staff being taken on there.
Managing director Peter Livesey (pictured) said: “When we started the business in 2003, we had big international ambitions for the firm. Now, 12 years later we are exporting to more than ten countries. Our new deal is the next step in our international expansion goals.
“The most important thing for us when we approached Lloyds Bank was the confidence that if our sums were slightly out, or we were let down by a key supplier and had to pay performance penalties, our business could still grow.”