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LOAN HELPS BROTHERS LAUNCH NEW CARAVAN SECURITY LOCK

New device to foil growing number of caravan thefts

The inventors of a new caravan anti-theft device have secured a £15,000 Micro Loan from Partnership Investment Finance, the £37m fund that provides loans and investments to small and medium sized companies in the region.

Brothers Ian and Ken Johnson developed the new security device following the theft of Ian’s own caravan, despite it being fitted with security equipment approved by his insurers. The Tight-On Hub Lock immobilises the vehicle and offers a high security alternative to conventional wheel clamps.

With more than 5,000 caravans worth an estimated £75m being stolen in the UK every year, the Johnson brothers decided there was a market for a more secure device to combat thefts. According to Ken Johnson, experienced thieves can steal a caravan fitted with a conventional wheel clamp in as little as two minutes using oxyacetylene torches.

Said Ken Johnson: “Our hub lock is fitted to the caravan by removing a wheel and fastening a steel disc to the hub with security bolts, so immobilizing the vehicle.  During workshop tests it took more than 30 minutes to remove the disc using an oxyacetylene torch and the hub bearings were destroyed in the process. We believe it is impossible to remove the new device when fitted on a caravan.”
 
Tight-On Ltd of Dewsbury Road, Ossett, is primarily marketing the device to caravan dealers and accessory shops and also through caravanning magazines.  The PIF loan will provide Tight-On with working capital to help with building up initial stocks and also support the marketing of the product.

In addition to the loan, Tight-On is also using the services of a PIF business mentor, David Taylor of Wakefield-based accountants Taylor Croft & Winder. He will provide business and financial advice to the brothers as they develop their business strategy.

Ian Howson,  Fund Manager, said: “Tight- On has developed a product that could help tackle rising caravan theft and we are pleased to be investing in this new business at a crucial stage of its development.”

Alex McWhirter, Head of Enterprise for Yorkshire Forward, the regional development agency, said:  “Ian and Ken Johnson are excellent examples of entrepreneurs who have developed and introduced an innovative product into the market based on their personal experience.  They have spotted a gap in the security products sector, and through Tight-On Ltd are exploiting a lucrative market. This is exactly the type of investment that PIF is designed to provide.