Cement material supplier will use the Midlands Engine funding to invest in equipment and create 18 new jobs in the region.
MEIF Maven Debt Finance has backed cement material supplier, Cemineral Limited, with a £100,000 debt solution. The funding package will enable the business to accelerate its growth plans, investing in machinery to fulfil demand from its growing customer base and create 18 new jobs across the region.
Cemineral supplies cement materials to the construction sector, specialising in the import of fly ash, a by-product from coal power plants that is used to make concrete stronger. In 2016, the Government announced the closure of all coal-fired power stations in the UK in a bid to tackle climate change. Cemineral caters for the market imbalance by importing high quality fly ash from EU countries and supplying it to the UK. Since inception the company has acquired several key customers and seen significant growth.
Backed by a highly experienced management team, Managing Director, Nick Lander, has extensive experience in the building material sector and has held positions at several global companies such as Aggregate Industries. Nick also holds an MBA from Warwick Business School and a degree in Economics.
Sajid Sabir, Investment Manager at Maven said, “Following the closure of UK coal-fired power stations, Cemineral is addressing a niche gap in the market and we are delighted to back the company’s growth plans through the Midlands Engine Debt Fund. This funding package is an exciting step forward in Cemineral’s growth plans and we look forward to working with the team to support their next phase in development.”
Nick Lander, Managing Director at Cemineral said, “We are thrilled to receive funding from MEIF Maven Debt Finance. Our business has a good product, strong customer relationships and there is huge potential for us to exploit demand for big upcoming projects in the UK. The funding will enable us to continue our growth journey, invest in our products and people. We are very excited to see what the future holds for us and look forward to working with the team at Maven.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MEIF debt funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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