The Coalfields Funds, provided by UK Government Office, Communities and Local Government (“CLG”) to support the former English coalfield regions, have completed an investment in Intelligent Recording Limited.

The company, based in Worksop, designs and develops high quality digital call recording equipment and distributes its products globally to both domestic and commercial customers via a network of resellers, distributors and phone system manufacturers.

The funding, provided alongside the company’s bank and its management team, will be used to provide working capital to support the company’s growth plans and further development of its product range.

Paul Taberner, Investment Director at EV, commented, “Over the last few years, Intelligent Recording has developed market leading products, with 75% of sales exported. The demand for call recording equipment will continue to grow and we believe Intelligent Recording is well positioned to capitalise on this. We look forward to working with Phil and his team in growing the business over the coming years”.

Philip Hill, CEO of Intelligent Recording, added, “We’re delighted to be taking on this development capital round from the Coalfields Funds. Despite the recession, we’ve seen good sales and margin growth and we’re excited at the business prospects and new portfolio additions we can introduce as a direct result of the investment”.

 Jonathan Diggines, Chief Executive of EV, commented, “We are pleased to invest in Intelligent Recording Limited. It has the attributes we look for in a Coalfields Funds investment – located in a former English coalfield, it develops leading-edge products in a growth market, and has achieved growth in the UK and abroad. Management have down well and are committed to achieving further growth in the business”.

The Coalfields Funds offer equity and equity related investment of up to £1 million to new and existing SMEs located in the eligible areas, with the aim of encouraging entrepreneurship and generating employment in the regions previously reliant on the coalmining and related industries.