Marches firms benefit after MEIF reaches £25million milestone

January 28, 2019

The £250million Midlands Engine Investment Fund (MEIF) has reached its first milestone after supporting investment of £25million in the region’s businesses.

Rt Hon James Brokenshire, Secretary of State and Ministerial Champion for the Midlands Engine

Fully launched in late February last year, the Fund seeks to address regional imbalances in finance available to Midlands businesses. Research from the British Business Bank in its Small Business Finance Market Report reported that only 4% of equity finance deals completed in 2017 were in Midlands firms – demonstrating a need to make finance markets work better for SMEs across the MEIF region.
The £25million invested so far, which includes £10million of private sector funds alongside finance from the Midlands Engine Investment Fund, has supported over 100 businesses, ranging from early stage technology start-ups to established manufacturing firms.
In the Marches, a number of firms have received finance from the Midlands Engine Investment Fund. A highlight from this activity was the Fund’s £500k investment in eTravelSafety. Provided by Midven, this MEIF finance is to allow the tech company to accelerate product development and hire staff as it seeks to broaden its sales reach.
Delivered by the Government’s British Business Bank, the Midlands Engine Investment Fund forms part of a wider initiative to grow the region’s business community and local economy.
Rt Hon James Brokenshire MP, Communities Secretary and Ministerial Midlands Engine Champion, said:
“The Midlands is home to a huge number of innovative and creative businesses, and schemes like the Midlands Engine Investment Fund are helping them grow.
“A thriving Midlands Engine is vital to our modern Industrial Strategy which is why we are backing business in the region to create high-value jobs for the long-term.
“I am determined the Midlands becomes an even better place to live and work, helps deliver an economy that works for everyone and harnesses the opportunities presented by leaving the European Union.”
Investments from the MEIF are made by one of six appointed fund managers working across the East and South-East Midlands and West Midlands and supported by a network of Local Enterprise Partnerships. The £250million fund offers equity and debt investment between £25,000 to £2million.
Commenting on the milestone, Ken Cooper, Managing Director at British Business Bank, said:
“The success of the Midlands Engine Investment Fund to date is the result of a collective effort. Using the expertise of our fund managers and with the support of LEPs and intermediaries we are improving access to finance and making a huge impact at local level.
“The diverse nature of firms supported so far has been a key achievement for the Fund, from trailer manufacturers to university spin outs developing stem cell treatments, all receiving the finance they need to grow their businesses. This journey is only just beginning though, and we encourage businesses from across the region to enquire to see how an MEIF investment could support their ambitions.”
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.

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The Marches Local Enterprise Partnership has now ceased trading and transferred all its functions to Shropshire Council working with Telford & Wrekin Council and Herefordshire Council, in line with the UK Government's plans for devolution.

The Marches LEP was established in 2011 and hands over an impressive legacy from its 13-year life. In that time the LEP invested over £196m in projects across the Marches, securing in excess of £100m of match funding and supported more than 66,000 business interactions.

The schemes supported have made tangible differences to local communities, increasing skills, creating jobs and improving the physical appearance of many towns.

We would like to thank all the LEP Board Members who have given their time freely over the life of the LEP, as well as all the staff who worked for the LEP over the years. We also want to thank our delivery partners, local education providers and local, regional and national stakeholders who helped us achieve so much.

The Marches Growth Hub will continue to support businesses and will be managed by Shropshire Council, supported by Telford and Wrekin and Herefordshire Councils. Each of the three Local Authorities will also continue to provide direct business support locally. Details of this support will be available through the Marches Growth Hub website and from the Local Authorities directly. Website: www.marchesgrowthhub.co.uk | email: enquiries@marchesgrowthhub.co.uk.

The Marches Careers Hub will continue to be delivered and will be managed by Shropshire Council, supported by Telford & Wrekin and Herefordshire Councils. Website: www.marchescareershub.co.uk | email: info@marchescareershub.co.uk

For any queries about Getting Building Fund (GBF), Local Growth Fund (LGF) and Marches Investment Fund (MIF) projects supported by the Marches LEP please contact: gary.spence@shropshire.gov.uk

For any finance queries please contact: michelle.hodgkiss@shropshire.gov.uk

The solvent liquidation of the Marches LEP is being managed by the Evelyn Partners Limited. For any matter related to this please contact: Camilla.Mulholland@evelyn.com

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