‘Midlands Engine’ cash boost for logistics firm
A LOGISTICS firm is set to expand a number of its divisions after receiving £350,000 in new capital from the Midlands Engine Investment Fund.
OnLogistics will now hire 14 new members of staff to work at its head office in Tamworth and new site in Solihull after it opened a 20,000 sq ft facility on Elmdon Trading Estate near Birmingham Airport last year.
Following a three-year contract win with Rolls Royce Control Sys- tems, these new hires will help the firm meet increased workloads and the new funding will also be used to roll out technology developed in house and create next-generation packaging.
The company has three main divisions, focusing on e-commerce, aerospace and children’s nurseries.
This new capital has been awarded from the Midlands Engine Investment Fund’s (MEIF) debt finance pot which is operated Capital Partners.
Nick Bennet, managing director of OnLogistics, said: “It is a great opportunity for OnLogistics to execute its ambitious growth strategy, expand the team and unlock several market opportunities.
“We look forward to continue working with the team at Maven to embark on our exciting expansion plans.” by Maven
Chairman Lord Digby Jones, who invested his own capital into the company in 2016, added: “This funding boost will provide the company with the extra impetus to enter new markets and grow its customer reach via three distinctive brands.
“Alongside other members of the OnLogistics management team, I look forward to driving the business forward in this new and exciting chapter.”