A Coventry-based trampoline park has received a £300,000 loan for the purchase of additional equipment and a new inflatable park section.
Red Kangaroo secured the finance 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).
This finance will allow the Coventry based park to strengthen its facilities, offering more activities for young people in the area. The additional equipment will also enable it to create a layout that follows government guidelines which adheres to social distancing. The park’s reopening is restoring around 40 jobs across the park.
Red Kangaroo is a large trampoline park, offering fun activities for children of all ages. It encompasses foam pits, a wipeout zone, an air bag and a mega slide, as well as the new inflatable park.
Paul Wrightman, Red Kangaroo Founder, said: “Following a fire that put the park out of action in 2018, our re-fit was put on hold last year due to coronavirus. This funding has enabled us to complete the work on the park and create an exciting new area to offer even more variety.
“To ensure we can offer the safest environment for our staff and customers, we have increased activities and put Covid-secure measures in place. We are grateful for The FSE Group’s support in taking us through the funding process and helping us secure the loan.”
Since the opening of the first indoor parks in 2014, trampolining has become one of the UK’s fastest growing sport and leisure trends. Red Kangaroo is ready for a projected rise in visitors over the coming months. Demand has remained high through the periods between lockdowns and with its increase in the range of activities on offer.
Chirag Mistry, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Paul has extensive knowledge in the leisure industry and is a very committed and passionate owner. He has created an offering that meets the demands of customers seeking Covid-safe activities, as demonstrated by the high level of booking enquiries received prior to reopening. Due to the current restrictions placed on foreign holidays, I am sure that Red Kangaroo is likely to be a popular venue during the six-week summer holidays. We look forward to working with Paul and seeing how the next stage of his journey goes as he reopens.”
Ryan Cartwright, Senior Manager at the British Business Bank said: “The investment from the MEIF will support Red Kangaroo’s reopening – restoring up to 40 jobs. This will help boost the local economy, while supporting the firm’s ongoing growth plans, with the funding also being used to upgrade and expand its Coventry facility. We look forward to seeing the firm accelerate its recovery.”
Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “Red Kangaroo has become a firm favourite with parents and children alike since it was established in our area and this funding will enable the business to extend the facilities it can offer. It is vital we help our businesses not only to recover from the pandemic but to enable their future growth. This fuels the short and long-term future success of Coventry and Warwickshire’s economy - the key driver of the CWLEP’s Strategic Reset Framework.”
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 Coronavirus Business Interruption Loan Scheme (CBILS) was 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). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.