A West Midlands company that makes and supplies products to the professional, retail and healthcare sectors has secured a £1.75 million funding boost that will support growth plans including a major export drive.
Coventry Chemicals received the funding earlier this year through Finance Birmingham – a public-private venture capital company launched by Birmingham City Council in 2010 – enabling the firm to secure 140 jobs at its site in Coventry and create ten more.
In addition to its intention to enable investment in new machinery and in improved materials, the business plans to explore new markets including Brazil, India and south-east Asia. As well as clients in the UK, it already does business in China, India and Latin America.
Steve Quinlan, managing director of Coventry Chemicals, said: “Finance Birmingham’s support has enabled us to secure the future of Coventry Chemicals and take forward plans for international expansion and growth in the UK.”
Stephen Murray, investment director at Finance Birmingham said: “Working with the business, we have supported an operational restructuring that is now driving significant growth and seeing the company expand into new product categories and geographies.”
Finance Birmingham highlights the way that the commercial finance marketplace is now offering a much wider range of funding options for businesses in the wake of the global financial crisis.
Whatever the source of business finance may be, expert advice to help ensure the right funding package is in place is crucial.
Palmers offers wide-ranging expertise in corporate finance issues, including asset finance, debt finance, equity finance and venture capital and our corporate finance team regularly advises on transactions including refinancing deals, company and business sales and purchases, management buyouts, business restructuring and share buy-backs. For more information, please contact BJ Chong.