Derby-based polyurethane (PU) manufacturer, Complexia, is set to expand and create seven new jobs following a £100,000 investment.
Complexia received the funding from First Enterprise – Enterprise Loans through the D2N2 backed Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
As well as being the leading UK manufacturer of PU edged table tops, Complexia are specialists in producing moulded PU foam seals and Noise, Vibration and Harshness (NVH) components for the automotive industry to improve vehicle durability and driver experience, supplying high profile clients such as Jaguar Land Rover.
The funding will be used to invest in new machinery and assist the business with its ambitious expansion, with plans to move into new markets and bolster its presence in existing ones.
The Midlands Engine Investment Fund
Tony Arnold, founder and owner of Complexia, said: “In order to fulfil the growth potential of Complexia, we need to invest in new PU machinery and manufacturing facilities. The investment from First Enterprise- Enterprise Loans will be pivotal in making this happen and also puts us in a prime position to capitalise on new opportunities in the education sector as the government commits to building more schools over the coming years.
“The funding will also allow us to expand into sprayed PU edged tabletops, which are very popular within the educational furniture market at the moment.”
Sajeeda Rose, chief executive of the D2N2 LEP, added: “I’m delighted to see the Midlands Engine Investment Fund supporting innovative and ambitious businesses within our region. It’s great to see Complexia getting the support it needs to continue and adapt so that it can contribute to the economic recovery and growth of our region.”
Lewis Stringer, senior manager at British Business Bank, said: “This latest investment into Complexia demonstrates the versatility of MEIF funding. It’s great to see this important source of finance being used by the region’s businesses to continue to diversify into new markets and also expand product ranges and service offerings during this challenging period.”
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Boosting SME Growth
The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. It provides a range of affordable financial products to small and medium-sized businesses (SME) across the D2N2 region such as Small Business Loans, Debt, Equity and Proof of Concept funds to help businesses achieve their growth ambitions
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands. The MEIF is supported by the European Regional Development Fund (ERDF), the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd. The D2N2 ERDF contribution to MEIF is £11.75m.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
