Exeter home surface repair company, Repair Wizard, has diversified into water leak investigation with the help of £158,000 in loans delivered by SWIG Finance.
Fixing chipped baths, burned worktops, and damaged floors was all in a day’s work for Repair Wizard, which grew out of lockdown and now covers the whole of the South West, from Bristol to Poole and Penzance.
In 2023, company co-director Dave Craig retrained in water leaks and drainage investigation for insurance claims. This side of the business has grown to employ four people, thanks to £100,000 from the British Business Bank’s South West Investment Fund and £57,895 from the Community Investment Enterprise Fund (CIEF), both facilitated by SWIG Finance.
L-R – Chris Nuttall-Worsley and Dave Craig
Dave, 43, launched himself as a sole trader in 2019, having worked in the surface repair industry for some time. “I felt it was something I could make a good job of myself,” he says.
The following year, Dave joined forces with former colleague Chris Nuttall-Worsley and investor Martin Smith as co-directors. Going limited on the very day Covid hit might have seemed inauspicious, but turned out to be a godsend.
“Because we didn’t have a full year’s accounts, we didn’t qualify for any financial help, so we had to keep working. When all our competitors shut down and furloughed their workers, the phone started to ring,” he recalls.
“We had £1,500 in the bank and invested it all in a Google ad. In the first eight months’ trading, we did £125,000 worth of business and built relationships with contractors that remain to this day. It was the best start we could have asked for.”
Classed as key workers, Dave and his team worked in the construction industry, carrying out vital, government-funded repair work within the NHS during the pandemic. This included working in hospitals such as Exeter’s Nightingale Hospital, ensuring equipment was damage-free so it could be disinfected effectively.
In the domestic market, Repair Wizard specialises in rendering damage invisible. This is achieved using a combination of French polishing and bodywork techniques more commonly found in automotive workshops.
As the business has diversified into water leakage and drainage insurance claim work, it has used the investment to buy equipment and take on two more staff.
Dave recalls the SWIG Finance experience as being “amazingly straightforward, with a common-sense approach”. It came after he borrowed £25,000 from a high-street bank to pay for a virtual PA while setting up the second strand of the business.
The bank manager pointed Dave towards SWIG Finance, whose business manager, Rachael Taylor, made contact. “Rachael sat down with us and told us how much she thought we needed. There was no box-ticking, just due diligence and good guidance. It felt like we could ask Rachael anything and she would explain things without judgment.”
Rachael said: “It was a pleasure to work with Dave and his team. Their passion for the business and where it could go was evident in our discussions, while the sustainability impact of repair over replacement reduces waste to landfill as well as saving their customers money.”
David Tindall from the British Business Bank said: “The South West Investment Fund is here to support the ambitions of local businesses and boost the region’s economy. Repair Wizard is a good example of how targeted finance can act as a catalyst for growth, enabling diversification into new markets, attracting additional investment and creating quality local jobs.”
A third engineer along the M5 Exeter to Bristol corridor is now on the cards for Repair Wizard, opening up that part of the region for drainage and water claims, while another staff member is attending training and safety awareness courses to become a drainage and water engineer.
“I find it hard to imagine my going solo led to this: a six-figure turnover and employing six people,” Dave admits. “That could never have happened without the help of SWIG Finance and its funding partners.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the South West. The fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help small and medium sized businesses to start up, scale up or stay ahead. SWIG Finance manages the smaller loans part of the fund across the region.
The Community Investment Enterprise Fund (CIEF) has provided £10 million to SWIG Finance from Triodos Bank UK and Better Society Capital via fund manager, Social Investment Scotland. This funding enables SWIG Finance to support more micro and small businesses in the region and forms a part of a larger, now £72 million investment initiative across England and Wales, bolstering local employment opportunities and economic growth.
About SWIG Finance
SWIG Finance is a people-based lender that provides loans and support to help smaller businesses in the South and West Country grow. We base our lending decisions on potential rather than collateral, which means that we can often support businesses when others can't.
We’re growing every year. In 2024/25, we lent £14.8m to 501 businesses, helping to create and secure over 1,272 jobs and generate £75.7m in social impact. Download the report here.
If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: info@swigfinance.co.uk / 01872 227 930