Maven Capital Partners continues to fuel growth plans of many regional businesses across the West, East and South East Midlands via the MEIF Debt Funds.
The finance was secured through The Midlands Engine Investment Fund, managed by Maven and backed by the Coronavirus Business Interruption Loan Scheme (CBILS). The duo of deals includes Birmingham-based insurance services firm, Parker Norfolk & Partners which secured £1.5m, with Worcestershire company, AirTube Technologies, receiving £175,000.
Parker Norfolk provides multi-discipline insurance services that offers businesses a range of multi-insurance asset classes across different geographical markets from its offices in Birmingham and London. The business has built a strong specialist team that covers trade credit, commodities, financial and political risk insurance as well as insurance services that cover the UK SME market. Funding will enable Parker Norfolk to grow its specialist teams, creating a number of new jobs in Birmingham and allow the business to expand into new markets.
AirTube specialise in the development, manufacturing and installation of pneumatic conveying systems, and specialist cash managements solutions, rising security screens and asset protection. AirTube received a £175,000 CBILS package to execute its ambitious product development plans, and the business aims to launch two new products within the next 12 months.
AirTube and Parker Norfolk are good examples of local businesses Maven aims to support via the MEIF Debt Funds. Other companies seeking funding to execute expansion plans that contribute to regional economic growth as well as contribute to job creation for the local area are businesses that the Fund can contact Maven to find out if they are eligible to apply for funding.
The West Midlands is renowned for being one of the founding blocks of the Industrial Revolution, now one of the most diverse and thriving areas within the UK, it's home to a variety of businesses specialising in the technology, automotive, life sciences, rail transport, gaming and AI industries. The region has developed a number of technology clusters that are shaping industries of the future and attracting a highly skilled workforce within the smart mobility, data-driven healthcare and energy storage areas.
Chris Rogers and Demetri Theofanou, Investment Managers for Maven, said: “We are delighted to support Parker Norfolk and AirTube as one business looks to hire new employees that will enable them to expand its specialised insurance services business, and the other pushes forward with their ambitious product development plans. These investments via MEIF and CBILS will provide the business with the additional capital it requires to achieve its next stage of development.”
Alan J Wallace, CEO for Parker Norfolk & Partners Ltd, states: “The funding from MEIF is a most welcome development as we continue to grow our business footprint in the Midlands and beyond. Seen as an ‘engine room’ for certain classes of insurance broking services in which Parker Norfolk specialise, Maven’s involvement allows us to accelerate our growth plans for our Birmingham office and the wider Midlands region - assisting us in the attainment of our goals.”
Attila Vitai, Director of AirTube Technologies Ltd, said: "We have developed two new products, one in our traditional market of cash management that will assist our customers to further automate their processes and a second product that will be used to sanitise products in the retail and health sectors, helping to reduce the spread of COVID-19. The funds will assist us in achieving our ambitious growth targets."
Grant Peggie, Director at the British Business Bank, said: "These two latest funding packages from Maven helps to demonstrate the scale of the work the MEIF is undertaking in improving the finance landscape for businesses in the Midlands. The funding will be used to progress growth opportunities, as well as creating a number of new jobs. We would encourage other smaller businesses in the region to consider the MEIF as a source of finance."
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