Manufacturer creates jobs after five-figure funding boost
A Derby manufacturing business, which supplies services to the aerospace and medical industries, has received a five-figure funding boost to help invest in new technology.
Derby-based AddQual specialises in the manufacture, measurement and review of products for a variety of sectors, including aerospace, medical, automotive and power generation. Set up by Ben Anderson in 2017 the team has expanded to four staff and offers services such as 3D scanning, product auditing and data transformation.
This investment was provided by Enterprise Loans East Midlands (ELEM) through the Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund.
Ben Anderson, managing director at AddQual, said: “We were very impressed with Enterprise Loans, especially after finding the experience sourcing funding with traditional high street banks really frustrating.
“The combination of customer expectations regarding product turnaround and our short trading history [18 months] meant that, despite our good order book, we were only able to offer limited forecasts and commitments and this was held against us. However, Enterprise Loans didn’t worry about this, instead they focused on our business plan and financial forecasting.
“The process was surprisingly simple and we particularly enjoyed how much face to face support we received – it made the process really flexible, they were accommodating and it felt like they were working with us to make AddQual better.”
The finance, alongside a grant from the Derby Enterprise Growth Fund, has allowed the firm to invest in a new measurement system, recruit two employees and also upgrade its IT hardware.
Sukhveer Chirrimar, loan fund advisor at Enterprise Loans East Midlands, said: “Ben approached us after struggling to get a loan from his bank and we recommended MEIF funding. His business is driven by the high standards needed in the medical and aerospace sectors. This really came across in his business plan and we have every faith that AddQual will continue to go from strength to strength.”
