Leading Mechanical and Electrical contracting business will use the MEIF funding to support its growth plans and create 15 new jobs.
MEIF Debt Finance, managed by Maven, has provided Sleaford Building Services Limited (“SBS”), one of the largest independent Mechanical and Electrical Contractors in the East Midlands, with a £750,000 funding package.
Greater-Lincolnshire based SBS provide clients with a range of services including design and build MEP Services, alongside installation and coordination services for pre-designed projects. The firm will use the loan to support its growth plans, helping deliver a number of upcoming contracts, while also creating 15 new jobs.
SBS is led by Managing Director, Barry Exton and his management team. Founded in Exton’s back garden in 2003, the firm has successfully grown into one of the largest independent mechanical and electrical contractors in the East Midlands, working with clients from sectors including healthcare, leisure and education.
Barry Exton, Managing Director said, “We are extremely excited to receive this funding through the MEIF Maven Debt Finance Fund. This is a great time to receive finance as it will support the expansion of the business, creating jobs and enabling the team to deliver new contracts.”
Richard Altoft, Investment Director at Maven Capital Partners, said, “We are delighted to provide SBS with the funding package it needs to maintain and enable its growth plans. The business is well-established and is led by a strong management team. We look forward to seeing what’s in store for SBS in the coming years.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “Boosted by this finance injection from the MEIF, it’s good to see another firm now able to build on its current success and explore new opportunities for growth. We would certainly encourage other SMEs in the region to look into the options available through MEIF, providing funding to scale up your business.”
Ursula Lidbetter, Greater Lincolnshire LEP Chair, said: “We’re always pleased to see Greater Lincolnshire businesses fulfil their growth potential. Sleaford Building Services is already an electrical and mechanical powerhouse in the East Midlands working with clients from a number of strategically important sectors.
“This injection of investment from MEIF will see Sleaford Building Services' business growth plans accelerated. Firms across Greater Lincolnshire need to be aware of MEIF and the investment it can bring to the right businesses with growth aspirations."
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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