Trampoline park jumps at opportunities from £300,000 investment
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A Coventry-based trampoline park has received a £300,000 loan for the purchase of additional equipment and a new inflatable park section.
Red Kangaroo secured the finance from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
This finance will allow the park to strengthen its facilities, offering more activities for young people in the area. The additional equipment will also enable it to create a layout that follows government guidelines which adheres to social distancing.
The park’s reopening is restoring around 40 jobs across the site.
Paul Wrightman, Red Kangaroo founder, said: “Following a fire that put the park out of action in 2018, our re-fit was put on hold last year due to coronavirus. This funding has enabled us to complete the work on the park and create an exciting new area to offer even more variety.
“To ensure we can offer the safest environment for our staff and customers, we have increased activities and put Covid-secure measures in place. We are grateful for The FSE Group’s support in taking us through the funding process and helping us secure the loan.”
Chirag Mistry, investment manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Paul has extensive knowledge in the leisure industry and is a very committed and passionate owner. He has created an offering that meets the demands of customers seeking Covid-safe activities, as demonstrated by the high level of booking enquiries received prior to reopening. Due to the current restrictions placed on foreign holidays, I am sure that Red Kangaroo is likely to be a popular venue during the six-week summer holidays. We look forward to working with Paul and seeing how the next stage of his journey goes as he reopens.”