Businesses scoop £1.7m of funding to boost growth plans
Two West Midlands businesses are set to pursue new growth following funding packages totalling over £1.7m.
The duo of deals includes Birmingham-based insurance services firm, Parker Norfolk & Partners which secured £1.6m, with Worcestershire company, AirTube Technologies receiving £175,000.
The finance was secured through The Midlands Engine Investment Fund Debt Finance, managed by Maven Capital Partners and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding package will enable Parker Norfolk to grow its specialist teams, creating a number of jobs in Birmingham. This recruitment will help the business to expand into various new markets.
AirTube specialises in the development, manufacturing and installation of pneumatic conveying systems and specialist cash managements solutions, alongside rising security screens and asset protection.
The company is set use the funding to execute product development plans, with two new products launching within the next 12 months.
Alan J Wallace, CEO for Parker Norfolk & Partners, said: “The funding from MEIF as a most welcome development as we continue to grow our business footprint in the Midlands and beyond.
“Seen as an ‘engine room’ for certain classes of insurance broking services in which Parker Norfolk specialise, Maven’s involvement allows us to accelerate our growth plans for our Birmingham office and the wider Midlands region – assisting us in the attainment of our goals.”
Attila Vitai, director of AirTube Technologies, said: “We have developed two new products, one in our traditional market of cash management that will assist our customers to further automate their processes and a second product that will be used to sanitise products in the retail and health sectors, helping to reduce the spread of COVID-19. The funds will assist us in achieving our ambitious growth targets.”
Chris Rogers and Demetri Theofanou, investment managers for Maven, added: “We are delighted to support Parker Norfolk and AirTube as one business looks to hire new employees that will enable them to expand its specialised insurance services business, and the other pushes forward with their ambitious product development plans. These investments via MEIF and CBILS will provide the business with the additional capital it requires to achieve its next stage of development.”
