A supplier of printers and photocopiers is preparing for growth under new ownership thanks to funding from the Community Investment Enterprise Fund (CIEF) delivered by BCRS Business Loans.

Managing director and owner Ray Willows has purchased printing, scanning, and photocopying solutions provider Magenta Technology, based in Hereford, after working for the company for 15 years.

Since securing the employment of three staff at the business through the management buyout Ray has recruited a new colleague, which he says was made possible through the support secured from BCRS Business Loans.

Registered as a limited company in 1995, from its premises in Skylon Central, Magenta Technology supplies printers, copiers and scanners to customers across Herefordshire, Worcestershire, Gloucestershire, Shropshire, Powys and South Wales.

After securing the funds through BCRS Business Loans to purchase the business from the previous owner with his wife Clare, Ray plans to expand Magenta Technology’s range of services into complementary digital products.

Ray said:

“Having worked for Magenta Technology for 15 years, when the opportunity came up to buy the business from the previous owner, I could see the potential and wanted to secure the finance to make it possible. Working in the printer and photocopier sector is a role which I have always enjoyed since I started out 30 years ago.

“We were signposted to BCRS Business Loans through a broker, which was a stroke of luck. I found BCRS Business Loans easy to work with as they were always available when we had questions and really stayed on top of things.

“Although work patterns have changed since the Covid-19 pandemic, I do not see there being significant changes for the next few years as customers continue to want to print information on paper.

“We are going down the route of offering complementary digital services and we have taken on one new member of staff since we bought the business, with plans to potentially recruit another person.”

Angie Preece, Senior Business Development Manager at Wolverhampton-based BCRS Business Loans, who worked with Ray, said:

“As a story-based lender BCRS Business Loans supports management buyout opportunities, such as the one for Magenta Technology identified by Ray and Clare Willows, to help businesses to make a positive social and economic impact.

“We look forward to seeing Ray and his team progress in realising their growth plans by offering customers high quality services in more ways than ever before.”

Funded by Lloyds Bank along with social impact investor Better Society Capital (BSC) and managed by responsible finance provider Social Investment Scotland (SIS) with contributions from the three participating community development finance institutions, BCRS Business Loans, Business Enterprise Fund and Finance for Enterprise, the £62m CIEF aims to invest in 800 small businesses nationally and support 10,500 jobs.

BCRS Business Loans delivers CIEF loans between £25,000 and £250,000 to SMEs across the Midlands and Wales who are unable to access the finance they need from traditional sources.

Alastair Davis, CEO at Social Investment Scotland, said:

“The CIEF plays a significant role in fostering growth and creating opportunities within our communities by widening access to finance to support small businesses. With this backing, Magenta Technology will be able to grow and potentially employ more people, benefitting the wider economy.”

Recently, BCRS Business Loans celebrated reaching £5m in CIEF loans delivered to 62 businesses, creating 160 jobs and protecting a further 613 while generating £32.5m in economic impact.

BCRS Business Loans was recently appointed as a fund manager for the small funds pot of the first £130m Investment Fund for Wales and for the Midlands Engine Investment Fund II, which will deliver a £400m commitment of new funding for businesses across the Midlands.

Since BCRS Business Loans was founded in 2002, it has provided loans worth more than £95m to businesses. BCRS Business Loans has achieved one of its best years ever for delivering funds, providing £9,900,502 to 124 businesses during the 2024-25 financial year, a 68% increase in the number of SMEs supported compared to the previous year.

In the last financial year, lending through BCRS Business Loans resulted in the safeguarding of 889 jobs and creation of 317 roles while adding £51.2m to the economy of the West Midlands, surrounding region and Wales. Of the funding, 34.6 per cent went to the UK’s most disadvantaged areas.