Birmingham-based Toye Kenning & Spencer will use the funding to execute ambitious growth plans.
MEIF Debt Finance, managed by Maven, has provided Toye Kenning & Spencer Limited (“Toye”), the oldest continuously operating company in Birmingham with a £1 million loan to invest in equipment, improve facilities and support growth of the business.
Established in 1685, Toye manufactures a range of medals, regalia, bespoke jewellery, badges, including coloured ribbons, braids and laces, used in the production of ceremonial uniforms and gowns. The firm has held a Royal Warrant to the British Royal Family without interruption since the reign of Queen Victoria to the current monarch Queen Elizabeth the II.
Toye operates from two Midlands factories; one is in Birmingham, based in the Greater Birmingham and Solihull LEP and the other is in Bedworth, based in the Coventry and Warwickshire LEP. The Birmingham factory is home to the group's metal manufacturing, whilst the Bedworth factory is used for textile production. The business’ customers range from the UK Government MOD and overseas defence forces, to international fashion houses, sporting organisations and local schools.
The company’s customers range from the UK’s Ministry of Defence to international fashion houses, sporting organisations and local schools. Toye is a family-run company, led by CEO, Charles Toye, who succeeded his father in 2019.
The family-run company is led by CEO, Charles Toye, who took over from his father in 2019.
Charles Toye, CEO of Toye Kenning & Spencer said “While a historic business, we are set to take on several new initiatives over the coming year. We are looking forward to the new opportunities the funding will provide.”
Andy Povey, Investment Manager at Maven said: “We are delighted to lend to Toye, a long-established Birmingham business with a rich heritage. The business has very clearly defined its niche and is a market leader, boasting a Royal Warrant. The company has ambitious plans for the future and we look forward to seeing these unfold.”
Ryan Cartwright, Senior Manager at the British Business Bank said: “The Midlands is long-established as the home of industry and manufacturing and it is great to see one of Birmingham’s oldest businesses pursuing new growth. With the support of this MEIF funding, we see an example of another business able to invest in its facility and deliver a number of new contracts. We’d encourage other SME’s in the region looking for finance to consider the options available through the MEIF.”
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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