Two West Midlands’ businesses are set to pursue new growth following funding packages from The Midlands Engine Investment Fund (MEIF) totalling over GBP1.7 million.

The duo of deals includes Birmingham-based insurance services firm, Parker Norfolk & Partners Ltd (“Parker Norfolk”) which secured GBP1.6 million, with Worcestershire company, AirTube Technologies Ltd (AirTube), receiving GBP175,000.

MEIF is managed by Maven Capital Partners (Maven) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

Parker Norfolk provides multi-discipline insurance services that offers businesses a range of multi-insurance asset classes across different geographical markets. The funding package from MEIF Maven Debt Finance will enable Parker Norfolk to grow its specialist teams, creating a number of jobs in Birmingham. This recruitment will help the business to expand into various new markets.

AirTube specialises in the development, manufacturing and installation of pneumatic conveying systems and specialist cash managements solutions, alongside rising security screens and asset protection. The Worcestershire company is set use the funding to execute ambitious product development plans, with two new products launching within the next 12 months.

Alan J Wallace, CEO for Parker Norfolk & Partners Ltd, says: “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, says: “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.”

Chris Rogers and Demetri Theofanou, Investment Managers for Maven, adds: “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.”

Grant Peggie, Director at the British Business Bank, says: “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.”

Chair of Greater Birmingham and Solihull Local Enterprise Partnership, Tim Pile, says: “I am delighted that this investment will lead to job creation for Parker Norfolk in Birmingham. Supporting the Midlands Engine Investment Fund is an important part of our work at GBSLEP as we are committed to opening up funding to local firms and access to finance. The Business, Professional and Financial Services sector is one of GBSLEP’s priority sectors for development in the West Midlands.

“With the right financial structures in place, we can enable our businesses to grow and thrive as we collectively work towards driving inclusive and sustainable economic growth.”

Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, says: “During this challenging time for businesses I am pleased to see another Worcestershire organisation being supported by the Midlands Engine Investment Fund. For those businesses looking for finance to support growth or diversify their operations there are various financial mechanisms to suit individual business needs and circumstances.

“It is fantastic that AirTube Technologies through this support has been able to launch new products which will help to protect other businesses by reducing the spread of Covid-19.”

Source: Private Equity Wire