Fourth deal for Finance Birmingham’s £56m Mezzanine Fund

BIRMINGHAM-based retail design practice Green Room has secured investment from Finance Birmingham to support its continued expansion. 

This is the fourth deal for the £56m Mezzanine Fund, which was unveiled three months ago. The fund is said to be the largest individual growth capital fund for SMEs in the West Midlands and is supported by the Government’s Regional Growth Fund. 

The level of investment in Green Room has not been disclosed.

Green Room, which is headquartered at Fort Dunlop, has recently opened a studio in Amsterdam and has another planned this year in London. 

The business employs a team of more than 60, focusing on the design and delivery of multi-channel retail experiences for some of the world’s best-known consumer brands. 

Its clients include Nike, The North Face and British Gas. 

The investment money will be used to fund the company’s growth plans, which include the creation of more than 40 additional jobs during the next three years.
 
Green Room was founded in 2001 by entrepreneur Richard Ash.
 
As part of the transaction Steve Verrall, who joined Ash in 2009 as non-executive, has increased his investment. 

He will now take on a broader role as executive chairman alongside Ash, who will continue in his role as chief executive. 

Verrall is a well-known local businessman, having founded and sold a number of businesses including Birmingham-based Sirius Financial Systems. He is also currently chairman of Contract Fire and Security based in Sutton Coldfield.

Ash said: “I am delighted to secure the support of Finance Birmingham. We have already achieved an immense amount in creating a truly global design agency and this investment allows us to embark on the next phase of our journey.” 

Green Room was advised on the transaction by Springboard Corporate Finance, with a team led by partner Simon Ward and assistant director James Bailey. 

The Finance Birmingham team comprised Graham Mold and Robert Griffiths. Legal advice to Green Room was provided by Browne Jacobson, with Finance Birmingham advised by Freeths. 
 
Mold at Finance Birmingham said: “We are excited to be partnering with Richard and Steve in an expanding international business that has been built and grown in Birmingham.  We look forward to working with them over the coming years.”

Finance Birmingham expects the Mezzanine Fund to help more than 40 West Midlands businesses and create jobs across the region. Businesses can apply for development capital of between £250,000 and £2m to fund growth plans. 

Click here to sign up to receive our new South West business news...
Close