Funding deal adds glue to tape manufacturer’s growth plans

An adhesive tape manufacturer based in Leicester hopes to stick to its growth plans after securing a £600,000 loan from the Midlands Engine Investment Fund.

Advance Tapes International plans to create 20 jobs after agreeing the funding deal with the debt finance fund manager Maven Capital Partners.

The package will support the £20m-turnover company’s expansion plans, helping it develop its product portfolio and also provide working capital.

Michael Ayres, managing director at Advance Tapes, said: “As we operate in a market with significant growth potential, we look forward to implementing our current strategy and driving expansion.”

Advance Tapes makes pressure-sensitive tapes that are used in a wide range of sectors, from agriculture to asbestos removal.

The firm’s tapes are water, fire and dust resistant while it uses acrylic and rubber-based adhesives to produce a soundproof tape.

David Tindsley, investment manager at Maven said, “Advance Tapes is a long-established business with a strong customer base and impressive track record for product development and innovation.

“The business is a leader in the speciality tapes market and, in providing this loan, we are delighted to support the management team’s ambitious plans to develop its impressive product portfolio and continue its growth journey.”

The Midlands Engine Investment Fund’s debt funds are managed by Maven, which has £40m for SMEs in the East and South East Midlands and £50m for those in the West Midlands. The funds can provide finance of between £100,000 and £1.5m.