The British Business Bank’s Midlands Engine Investment Fund II has reached a significant milestone, completing its 100th deal since its inception last year. The fund has successfully injected over £37 million into emerging and expanding businesses across the Midlands, with the 100th deal representing a £3.9 million equity investment in Crown Plus, a specialist highways drainage contractor, facilitated through Mercia Ventures.
Key Investment in Crown Plus
Based in Telford, Crown Plus offers comprehensive highways drainage services, including defect surveys, remediation, and renewal work. The company holds an exclusive contract with National Highways to carry out surveys and testing across the Midlands and South West, utilizing advanced CCTV and surveying equipment for precise infrastructure assessments. With the latest funding, Crown Plus plans to invest in state-of-the-art equipment and undertake larger projects to fuel its growth.
Having almost tripled its turnover in the past three years, Crown Plus is now poised for further expansion. The investment will help the company implement its five-year growth plan and potentially double its workforce from 50 to 100 employees by 2030.
Comment from Crown Plus
Paul Conner, Director and co-founder of Crown Plus, expressed excitement about the new funding, stating, “Crown Plus has earned a strong reputation in the industry, but we’ve reached a crucial point where investing in new equipment will help us seize emerging opportunities. This funding will support our vision for expansion, and we look forward to working with Mercia Ventures and the British Business Bank to take our business to the next level.”
A Strong Start for the Fund
Jody Tableporter, Director of Nations & Regions Investment Funds at the British Business Bank, celebrated the achievement, saying, “Reaching 100 deals in less than a year is a remarkable achievement for the Midlands Engine Investment Fund II. This demonstrates the strong demand for finance among small businesses in the Midlands. With more than £27 million invested and an additional £10 million leveraged from the private sector, the appetite for growth in the region is clear. The British Business Bank remains committed to supporting businesses across the Midlands as they scale and thrive.”
Diverse Investments Across Key Sectors
Over the past year, the Midlands Engine Investment Fund II has supported a wide range of sectors, including digital, tech, healthcare, automotive, manufacturing, and lifestyle industries. The fund is part of the British Business Bank’s £1.6 billion suite of Nations and Regions Investment Funds, aimed at bolstering small businesses and fostering long-term economic growth across the UK.
Funding Options for Midlands Businesses
The Midlands Engine Investment Fund II offers a variety of financial solutions for small businesses in the region. It provides loans ranging from £25,000 to £100,000, debt finance from £100,000 to £2 million, and equity investments up to £5 million. These funds are accessible through five accredited fund manager partners.
The fund’s mission is to drive sustainable economic growth by supporting innovative businesses, creating opportunities for local communities, and addressing barriers to access to finance. By increasing the availability of early-stage finance, the fund ensures that businesses that might otherwise struggle to secure investment can grow and contribute to the region’s economy.
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