£250k loan for banner maker safeguards jobs
ABIRMINGHAM company known for its huge banners and graphics has secured a new round of funding.
Tyseley-based Hollywood Monster has agreed a loan deal worth £250,000 which will help safeguard its current 40-strong payroll and support the creation of seven new jobs over the next three years.
The company supplies graphics and printed materials to a broad range of customers from sectors such as fast food, entertainment and retail.
It also created a range of banners and signs which were used in the Stratford area of East London as part of the build up to the 2012 Olympic Games.
It has also recently trialled and started using a new environmentally friendly PVC-free range of materials.
Founder and chairman Tim Andrews said: “Covid-19 has definitely had an impact on many businesses across the globe during the last year and a half.
“This funding will enable us to maintain our current workforce, putting the company in a strong position to fulfil its growth plans.
“We have successfully replaced 90
per cent of our products with sustainable alternatives and this will help us fulfil our target of being 100 per cent sustainable by 2022.”
The business received the funding from the Midlands Engine Investment Fund’s Debt Finance Fund and was backed by the Coronavirus Business Interruption Loan Scheme.
Kerry Haughton, investment manager at FSE Group which manages
the Debt Finance Fund, added: “Hollywood Monster is a well-established business with over 30 years’ experience in the industry and they have a strong, forward thinking leadership team.
“It is proud to be seen as an ecoresponsible business which has a loyal customer base.
“It was encouraging to see Tim and his team be able to operate during
the challenging lockdown period.
“The business has welcomed more new contracts and is well positioned to win even more as the UK fully opens-up.
“We look forward to working with the business as its team grows.”
Ryan Cartwright, senior manager at the British Business Bank which runs the Midlands Engine Investment Fund, said: “This latest investment will be key in enabling Hollywood Monster to both maintain and grow its workforce.
“By increasing its capacity, the business can take on more contracts and continue on its growth journey.
“This shows the versatility of MEIF finance and its role in ensuring Midlands’ businesses have access to the funding they need to succeed.”