Engineering firm lands £250,000 funding line
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Bowers Electrical Engineering Services (BEES) has secured £250,000 from Maven Capital Partners E&SE Midlands Debt Finance fund, through the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Scheme Loan (“CBILS”).
The Northampton company will use the funding to buy new materials and cover labour costs – enabling it to deliver two new contracts that will create two new jobs.
BEES provides electrical engineering services through four key services offerings: validation of decontamination equipment, design and building of specific machinery, control and automation of electrical panels, and a customer part distribution service.
The business provides their services to a range of clients within the medical, life sciences and engineering sectors, including the NHS, CIS and Miele Professional.
Chris Bowers, managing director, said: “Following this MEIF funding, we are now in a very strong working capital position, allowing us to spring forward and deliver the next level of our growth trajectory and tender for all sizes of Machine Control and Automation projects. Many thanks MEIF, Maven and Graham for your initial and ongoing support.’’
Graham Hall, investment manager for Maven, added: “It’s great to be able to assist Chris with this important Growth Capital Loan to allow the firm to seize upon some great business development opportunities proactively sourced during lockdown. Many thanks also to Barclays which made the introduction upon Chris’s request, showing how the MEIF can bridge gaps for businesses seeking out funding opportunities.”