Connection Capital invests £4.6m of growth capital in IconX

HMT LLP advised the shareholders of IconX Ltd , an innovative British manufacturer of semi-automated key cutting machines, on their fundraising supported by Connection Capital LLP .

Established in 2010, IconX has developed “My Key Machine”, a unique, self-contained key cutting machine that is able to scan and cut more than 90% of the UK’s domestic key range. Using a unique technology, My Key Machine replicates keys quickly, efficiently and accurately, providing the most reliable key cutting service in the country.

The company has over 370 machines at sites across the UK, conveniently positioned in busy shopping locations such as supermarkets or large home stores. Clients include Asda, Morrison, Homebase and The Range, with machines typically located in high footfall front-of-house locations.

Connection have invested £4.6 million in IconX to support the business’ growth. The investment will be used to accelerate production and fund the roll out of up to 2,000 machines across the UK, and to boost marketing activities to increase end-user awareness and increase volumes of keys cut per week across existing and new locations.

HMT provided lead advisory and tax advisory services to the management and shareholders of IconX, and introduced the opportunity to Connection Capital.

Pascal Wittet, Investment Director at Connection commented:

“We understood the opportunity IconX represented for our clients immediately.  This is a profitable operation with a strong management team and significant growth potential, whose unique product is well ahead of the competition.  The business model is win-win for the company and its customers alike. 
On behalf of Connection I would like to thank HMT for introducing us to this excellent opportunity.”

David Horsfall, Managing Director at IconX commented:

“This is a very exciting inflection point in our journey. Securing this backing from Connection Capital will open the door for us to drive the business forwards, expanding capacity to keep pace with demand, increasing our reach and our client base, whilst continually developing a high-quality, well-engineered product, that fits our customers’ needs. 
We very much appreciate HMT’s invaluable advice and their introducing us to Connection, and we look forward to continuing to work with them as our journey continues.”

HMT commented:

“We are absolutely delighted to have advised Dave, Karl and Tony on their fundraising.  The growth capital provided by Connection will help them drive IconX forward, rolling out the cutting edge My Key Machine across the UK and becoming a household name.  We very much look forward to assisting them further as they go from strength to strength.” 



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