‘Midlands Engine’ fires up with first investments

THE Midlands Engine Investment Fund has made its first loans to four growing businesses across the Midlands.

The fund is delivered by the British Business Bank and will be investing £120 million of debt finance and small business loans to eligible firms.

This initial tranche of funding is part of a wider £250 million of resources targeted towards the region’s start-ups, scale-ups and SME community.

Direct Digital Controls, in Brierley Hill, is a business that specialises in the installation and maintenance of energy and environmental control systems.

With this new investment, the firm is poised to take on four new employees, train an additional apprentice and expand its growing wired and lighting controls divisions.

The other recipients are Leicester-based BCME, owner of specialist education provider Echo Factory, Nottinghambased medical devices company Olberon and Milton Keynes outfit Renewable ON, which is a clean energy specialist supplying and installing solar-powered LED outdoor and street lighting.

Nick Pulley, chairman of the Midlands Engine Investment Fund’s strategic oversight board, said: “It is heartening to see the first businesses tap into the opportunities presented by the Midlands Engine Investment Fund and, having built a strong pipeline of deals, the fund is well set to accelerate this progress.”

Patrick Magee, chief commercial officer at the British Business Bank, added: “Our aim is to make finance markets work better for smaller businesses and address regional inequalities in funding.

“Through our work with the fund, we’re poised to support investment, growth and job creation throughout the Midlands.”

Bob Taylor, director at Direct Digital Controls, said: “Securing finance is a pivotal step in the future of our business growth, giving us the backing we need to expand and reach out to new customers UK-wide.

“Meaningful expansion requires extra talent and an investment in new business. We’re now ready to take the next step.”