A Sandiacre firm specialising in plastic and metal injection moulding has secured a £250,000 from the Midlands Engine Investment Fund (MEIF) Debt Finance, managed by Maven Capital Partners.
H.P.M Limited (HPM) will use the funding package to supplement its working capital, strengthen its presence in the region and hire three additional staff.
The deal follows the recent acquisition of HPM by Bage Technologies Limited in June.
HPM produces customised components, sub-assemblies, complete product assemblies and testing for various industries including the aerospace and medical sectors.
The news follows similar recent funding allocations into D2N2 businesses by the MEIF including £2.25m into health sciences firm Locate Bio and £200,000 into videogame payment platform Transaction Technologies.
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.
Midlands Engine Investment Fund
Andrew Eyre, Managing Director at HPM said: “We are extremely excited to receive the funding from MEIF and Maven, which will allow us to fulfil our growth strategy whilst contributing to regional development. We look forward to working with Maven and drawing upon its expertise over the upcoming years.”
D2N2 Chief Executive Sajeeda Rose said: “Businesses with a plan for growth like HPM will give our local economy stability as it recovers from the Covid-19 pandemic, so I’m delighted to see this investment by the Midlands Engine Investment Fund.
“Our region is known for its advanced manufacturing which delivers highly skilled jobs to our communities so it’s a good sign for our economy that this investment will be used to create new jobs.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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