Logistics firm expands after securing funding
OnLogistics plans to expand and hire 14 staff after securing funding from the Midlands Engine Investment Fund (MEIF).
The Tamworth-headquartered business has agreed a deal for £350,000 from the MEIF’s debt finance funds, managed by Maven Capital.
In December OnLogistics moved into a 20,000 sq ft site at Elmdon Trading Estate, near to Birmingham Airport.
The expansion followed a three-year contract extension with Rolls Royce Control Systems.
Lord Digby Jones, chairman of OnLogistics, said: “Timed to perfection, this funding boost for OnLogistics will provide the company with the extra impetus to enter new markets and grow its customer reach via three distinctive brands; OnLogistics Aerospace, OnLogistics Distribution and Fulfilment and OnLogistics Nursery.
“Alongside other members of the OnLogistics management team, I look forward to driving the business forward in this new and exciting chapter.”
The business is also making a series of improvements to its distribution service, upgrading its IT systems to unlock further efficiency through order barcoding, electronic tagging and satellite tracking of vehicles.
The funding will also allow OnLogistics to roll out in-house developed technology that integrates with its customers’ e-commerce platform.
Maven Capital is operating the debt finance funds, which has £50m for the West Midlands and £40m for the East Midlands.
Steve Lewis, investment director at Maven Capital Partners, said: “We are delighted to support OnLogistics’ ambitious expansion plans. This is an established, entrepreneurial business that has the opportunity to grow its reach and enter new markets, while also cultivate and expand its customer base and create new jobs within the Midlands region.”7
A spokesperson for the Midlands Engine Investment Fund said Maven had “completed a number of deals” although this is only the second to be publicised since the funds were awarded in August 2017.
