A Chesterfield business has secured a £1million investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
The funding follows a £500,000 MEIF loan in November last year, which helped the company with a range of business growth activities including marketing, IT, new jobs and a move to bigger premises.
The most recent loan will be used for further staff hires, equipment purchase, and maintaining stock levels to support new contracts.
International Energy Products is a metal stockholder and processor of speciality alloys servicing the oil, gas and renewable energy industries as well as aerospace, marine and defence sectors.
The company was set up in 2017 by Emma Beresford who spent the next two years establishing a robust supply model before full trading commenced in 2020. This has placed the company ahead of the curve in a market where an already challenging supply environment has been worsened by the war in Ukraine.
International Energy Products Founder and Managing Director, Emma Beresford, said: “Having just reached the point of trading when the pandemic hit, our growth plans inevitably slowed but we are now ready to scale up in line with the recovery of our customer base.
“As a new business that doesn’t have the trading history needed for bank funding, the MEIF loan will help us with the cashflow and capacity needed to take on new, large contracts and we are thankful to FSE for investing in our future growth.”
Ann Marie McFadyen, Investment Manager at The FSE Group, commented: “We would like to thank Sanjay Vallabh from Vallabh Associates for introducing us to International Energy Products. Emma is a forward-thinking MD who knows her market well and has been appointed Export Champion for the Department for International Trade for the second year running.
“Her innovative approach has allowed her to minimise risk and future-proof against supply chain issues and pricing. Years of hard work have paid off with this small business now years ahead of its competitors and we are thrilled to be supporting Emma and her team at this crucial point in their growth journey.”
Lewis Stringer, Senior Manager, UK Network at the British Business Bank, added: “The previous round of MEIF funding for International Energy Products supported its initial growth and created new jobs in the region, while this second funding round will continue to support these activities. With more Midlands businesses moving past post-pandemic recovery and into the growth stage, we encourage more companies to consider MEIF funding to support their development.”
Will Morlidge, Chief Executive of D2N2 Local Enterprise Partnership, added: “The D2N2 area is the cradle of the Industrial Revolution and remains the heartland on manufacturing in the UK. It’s businesses like IEP that underpin our amazing manufacturers, so it’s great to see them being supported. They supply to many businesses who are crucial to us being able to transition to a net-zero future, so the impact of their growth will be felt in businesses across the region.”
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 2014-2022 and the European Investment Bank.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5 million to help growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance or contact Ann Marie McFadyen.