£1.75 million boost to help chemicals firm clean up
COVENTRY Chemicals, a manufacturer and supplier of cleaning products to the professional, retail and healthcare sectors, has received a £1.75m cash injection from Finance Birmingham.
The cash will be used to support its growth, including plans for a major export drive.
The funds will also allow the business to invest in innovation, with new machinery and improved materials helping it to meet the demands of a fast moving sector.
It will also mean the business can create ten new roles and secure 140 jobs at its site in Baginton, Coventry.
The business, which develops and supplies products for many customers’ own brands, has plans to build its international operations in new markets including Brazil, India and South East Asia.
Steve Quinlan, the firm’s managing director, said: “Finance Birmingham’s support has enabled us to secure the future of Coventry Chemicals and take forward plans for international expansion and growth in the UK.
“The team has worked closely with us to build a package that will allow us to develop innovative new products and capture the growth opportunities that these will bring.”
This is the eighth deal for Finance Birmingham’s £56m Mezzanine Fund, which was unveiled last year.
The Mezzanine Fund, which is supported by the Government’s Regional Growth Fund, is the largest individual growth capital fund for SMEs in the West Midlands.
Finance Birmingham expects it 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.
Stephen Murray, investment director at Finance Birmingham said: “Coventry Chemicals is a long-standing West Midlands manufacturer that is evolving to not only keep pace, but to lead its sector in the UK and beyond.
“Working with the business, we have supported an operational restructuring that is now driving significant growth and seeing the company expand into new product categories and geographies.”
