Groovy funding deal for giftware business

Enderby-based Groovy UK, a wholesale and giftware business, has landed a £250,000 loan facility from the Midlands Engine Investment Fund (MEIF), managed by Maven Capital Partners.

The business is a developer, wholesaler and distributer of giftware products and says it will use the funding to accelerate its growth plans and invest in its product portfolio and licensing agreements.

Groovy’s clients include the likes of Argos and Harrods. The company’s in-house design team creates its own collections in line with current trends in film, TV and fashion, and has exclusive UK and European distribution rights via licences with popular blue-chip names, such as Star Wars, Harry Potter, Marvel and Doctor Who. The firm says new licences are currently being finalised and set to include other well-known family favourites.

This new round of debt funding is aimed at increasing sales capacity, further improving design quality and innovation, and funding vital new administrative and operational roles.

The company was introduced to Maven by K2 Management Solutions, an accountancy firm based in the East Midlands.

David Tindsley, investment manager at Maven said: “Groovy is a creative and innovative business, led by an extremely passionate and ambitious management team who are excited to drive the business forward. The MEIF Maven Debt Finance loan will enable Groovy to exploit new opportunities and achieve their ambitious growth plans. We look forward to working with the company as it enters a next phase of growth.”

Monique Scott, managing director at Groovy said: “We are delighted to receive this loan and look forward to investing in our business, offering our customers unique products to help them stand out in the crowd. The MEIF loan funding will enable us to pursue our growth plans, expand our product lines, and supply high quality, unique products. This is an exciting time for the business, and we look forward to working with Maven in the coming years.”

Kym Ellington, managing director at K2 Management Solutions, said: “This funding proposal was the result of an excellent relationship and collaboration between K2, Maven and Groovy. We are delighted to have assisted with this outcome and look forward to working with both parties on future projects and funding requirements.”

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