Delta Off Site, a company that produces bathrooms and kitchen areas, has announced a second round of funding worth €8.1 million.
The funding was provided by existing shareholders, the management team and Ulster Bank. The majority came from existing shareholders and management. The precise breakdown was not disclosed.
The cash will be used to strengthen the company's balance sheet and upgrade its manufacturing facilities in Macroom and Cobh in Cork. The company achieved turnover in 2004 of €10.8 million, but hopes to double its sales to €22 million in 2005. The company won an award at the Ernst and Young Entrepreneur of the Year awards last year.
Delta manufactures pre-fabricated bathroom and kitchen areas, known as "pods", which are then delivered fully finished to sites. The company employs 200 people at its 12,077sq m (130,000sq ft) production facility at Macroom and a small number at Cobh.
Patrick O'Callaghan, chief executive of Delta Off-Site said: "The fact that this round of funding was fully subscribed validates both the strength of our offering and our potential for future growth. We have invested heavily in recruiting an excellent management team and have also managed to bring on board excellent team members in all areas of production," he said.