A Coventry-based print and lamination specialist has seen a spike in growth after receiving a £25,000 investment from the Midlands Engine Investment Fund (MEIF).
The finance has allowed Banbury Print Lamination Limited to relocate to larger premises, purchase new machinery and create eight full-time jobs – allowing the firm to take on and deliver a number of key orders.
Banbury Print Lamination offer a comprehensive print, lamination and PUR binding service. Since taking on the investment, the firm has seen its turnover soar, recording £55,000 of sales in the last two months.
Matthew Morris, Managing Director of Banbury Print Lamination, said:“I’m really pleased with the growth Banbury Print Lamination has experienced since securing funding, which has exceeded all expectations. It was increased demand and growing order books that prompted us to source funding from MEIF and BCRS.
“By moving into new premises and purchasing additional stock, we have been able to fulfil more orders, boosting our turnover. We are lucky to have a very loyal customer base which is testament to the high standard of service and support our customers experience when dealing with us.
The company secured £25,000 from MEIF WM Small Business Loans through fund manager BCRS Business Loans (BCRS), which offer loans from £25,000 to £150,000 to businesses based in the West Midlands.
Osman Baz, Business Development Manager at BCRS Business Loans, said: “We are delighted to have supported the expansion of Banbury Print Lamination, helping it create eight new jobs and positively impacting the local economy.
“With a raft of experience in the sector and a strong vision, we were confident in Matthew’s plans.
“BCRS Business Loans is committed to supporting the growth of West Midlands based businesses with a relationship-based approach to lending. We believe that no viable business should go unsupported.”
Grant Peggie, Director at the British Business Bank, said:“Access to finance is often a barrier to growth for small businesses, with many boasting ambitious plans, but lacking the capital to move forward.
“It’s great to see local businesses receiving investment from MEIF, supporting new jobs and helping towards long-term growth.”
Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said:“SMEs such as Banbury Print Lamination are the backbone of Coventry and Warwickshire’s economy and it is great to see them flourishing in a competitive sector. I am sure the business will go from strength to strength after receiving this funding which will also boost their long-term success.”
To discover more about the MEIF small business loan fund in the West Midlands, visit www.bcrs.org.uk.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.