Birmingham-based Hollywood Monster has secured a £250,000 loan enabling it to safeguard 40 employees whilst creating seven new positions over a three year period.
The business received the funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
With the continued growth of the company and securing new clients, Hollywood Monster will be expanding its workforce to strengthen the current team ensuring both existing and new contracts are delivered.
Hollywood Monster specialises in producing digital wide-format print and signage solutions for companies across multiple UK industries, including fast food, entertainment and retail. The business offers a full end-to-end service from design through to installation.
Tim Andrews MBE, Founder and Chairman of Hollywood Monster, 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% of our products with sustainable alternatives and this will help us fulfil our target of being 100% sustainable by 2022. Our thanks to Kerry, The FSE Group’s Investment Manager, who guided us through the funding process to secure the loan, assisting the business to achieve its aims.”
In 2019 across Europe, 340 million square metres of printed graphics ended up in landfill. Hollywood Monster took this opportunity to work with the UK reseller of a new PVC free range of materials and were the first business to successfully trial and implement these products into their range.
Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “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 eco-responsible 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, said: “This latest investment from MEIF, 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.”
Tim Pile, Chair at the Greater Birmingham and Solihull Local Enterprise Partnership said: “In response to the pandemic and climate change emergency, many businesses have pivoted their operations. Using this MEIF funding, Hollywood Monster has adapted its products whilst securing and creating new jobs. This support will also help the team fulfil its growth ambitions, ensuring Hollywood Monster contributes to the wider economic recovery of our local economy. Along with businesses, GBSLEP is working with local authorities and colleges and universities to ensure that the recovery delivers inclusive, sustainable economic growth that benefits all our communities.”
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.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.