£1m funding boost sees metal supplier go for growth
A Derbyshire-based supplier of specialist metals to the energy, aerospace, marine and defence sectors has been awarded a £1m debt finance package to help accelerate its growth plans.
International Energy Products says it will use the funding from MEIF to purchase new equipment, maintain stock levels and create jobs.
The firm’s founder and managing director Emma Beresford – an Export Champion for the Department for International Trade – said: “Having just reached the point of trading when the pandemic hit, our growth plans inevitably slowed but we are now ready to scale up in line with the recovery of our customer base.
“As a new business that doesn’t have the trading history needed for bank funding, the MEIF loan will help us with the cashflow and capacity needed to take on new, large contracts and we are thankful to FSE for investing in our future growth.”
The finance has been provided by The FSE Group Debt Finance Fund and follows a £500,000 MEIF loan in November last year which enabled the Chesterfield firm to grow its team and move to larger premises.
Ann Marie McFadyen, investment manager at The FSE Group, said: “We would like to thank Sanjay Vallabh from Vallabh Associates for introducing us to International Energy Products. Emma is a forward-thinking MD who knows her market well and has been appointed Export Champion for the Department for International Trade for the second year running.”
She added: “Emma’s innovative approach has allowed her to minimise risk and future-proof against supply chain issues and pricing. Years of hard work have paid off with this small business now years ahead of its competitors and we are thrilled to be supporting Emma and her team at this crucial point in their growth journey.”