A Telford-based audio-visual hire company has secured £100,000 from the Midlands Engine Investment Fund (MEIF).
Blue Hire, which supplies equipment to the likes of ASOS, eBay, Nike and Budweiser, has secured this investment from BCRS Business Loans, which manages the WM Small Business Loans fund for the MEIF. Blue Hire has used this investment to create new jobs and move into a larger warehouse – increasing capacity and supporting its growth.
Steven Klein, Managing Director of Blue Hire, said:
“Technology doesn’t stand still; it’s constantly evolving, which means our company needs to as well. We used the business loan to purchase new, state-of-the-art equipment and move into a larger warehouse in Telford.
“The company has grown year-on-year since its inception in 2016 as technology continues to be an excellent way of engaging people at events and exhibitions. Our expansion means that we have more equipment available to rent to meet the needs of our growing customer base.
“Blue Hire rent out audio-visual, video wall, virtual reality and gaming equipment to a variety of customers in the UK and abroad.”
Tracy Sherratt, Business Development Manager at BCRS Business Loans, said:
“We are delighted to have supported Blue Hire which means it is now able to achieve exciting growth plans in an ever-expanding sector.
“We believe that no viable business should go unsupported and, as a relationship-based lender of impact, we understand how important companies such as Blue Hire are for the prosperity of our local economy and for creating employment opportunities.”
Ryan Cartwright, Senior Manager at the British Business Bank, said:
“It’s good to see how MEIF investment is supporting growth, with new job creation and increased capacity as the firm move to larger premises. We look forward to watching the firm build on its success moving forward and would encourage other smaller businesses in the region looking to grow to consider the options available through the MEIF.”
Paul Hinkins, chairman of the Marches Growth Hub that supports MEIF in the region, said:
“The growth of businesses, especially those in sectors like technology, underpins the economic prosperity of the region as a whole so it is vital that companies like Blue Hire can access the funding they need to build a sustainable future.
“It is very pleasing to hear about this success story in the heart of the Marches.”
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.