MEIF Debt Finance, managed by Maven, has provided Telling, architectural façade design specialists, with a £750,000 loan to expand their facilities, creating 7 new roles in the region.
Architectural specialist, Telling, designs and supplies a variety of façade rainscreen systems, specialising in clay, brick, ceramic and stone cladding as well as Glass-fibre Reinforced Concrete (GRC) cladding in the UK. With offices in the UK and New York, the company has internationally built a reputation for its expertise in cladding, offering clients design services, technical assistance and installation support.
According to Market Research Future, the global GRC market is valued at approximately $1.83 billion (£1.48 billion) and is expected to reach $3.35 billion (£2.72 billion) by 2023 representing a CAGR of c.10.3%. Demand is heavily affected by trends in construction activity, which has been resilient due to investment from the private sector and government initiatives introduced to stimulate the residential market, growing adoption of environmentally friendly and lighter weight material to meet the new government nett zero carbon targets for construction by 2050.
Telling is backed by an experienced management team, which include Mike Wood, Chief Executive and Russell Clark, Managing Director, who both co-founded the business in 2002.
Mike Wood, Chief Executive of Telling, said, “It is the perfect time for us to receive this loan from MEIF Maven Debt Finance as our business is on a growth trajectory. The funding will be used to expand our facilities and support recruitment drive; enabling us to grow our team, continue to produce quality products and services, all whilst meet growing demand. We look forward to the exciting plans ahead.”
Sajid Sabir, Investment Associate at Maven said: “Telling is an established player in the UK façade and GRC cladding product market. The business was a pioneer in the UK market to introduce brick-faced GRC cladding products and is continuously working with customers to provide innovative solutions. It is truly an exciting time for the business, and Maven look forward to working with management to support their next phase of development.”
The deal was supported by Orbis Partners, who undertook due diligence on behalf of Maven.
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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