A SPECIALIST manufacturing business, which supplies services to the aerospace and medical industries, has received significant funding to help invest in new technology. This investment was provided by Enterprise Loans East Midlands (ELEM) through the Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund.
Derby-based AddQual specialises in the manufacture, measurement and review of products for a variety of sectors, including aerospace, medical, automotive and power generation. Set up by Ben Anderson in 2017 the team has expanded to 4 members and offers services such as 3D scanning, product auditing and data transformation.
Ben Anderson, managing director at AddQual, said:
“We were very impressed with Enterprise Loans, especially after finding the experience sourcing funding with traditional high street banks really frustrating.
“The combination of customer expectations regarding product turnaround and our short trading history (18 months) meant that, despite our good order book, we were only able to offer limited forecasts and commitments and this was held against us. However, Enterprise Loans didn’t worry about this, instead they focused on our business plan and financial forecasting.
“The process was surprisingly simple and we particularly enjoyed how much face to face support we received – it made the process really flexible, they were accommodating and it felt like they were working with us to make AddQual better.”
The finance, alongside a grant from the Derby Enterprise Growth Fund, has allowed the firm to invest in a new measurement system, recruit 2 employees and also upgrade its IT hardware.
Sukhveer Chirrimar, loan fund advisor at Enterprise Loans East Midlands, said:
“Ben approached us after struggling to get a loan from his bank and we recommended MEIF funding. His business is driven by the high standards needed in the medical and aerospace sectors. This really came across in his business plan and we have every faith that AddQual will continue to go from strength to strength.”
Grant Peggie, director at the British Business Bank, said:
“After identifying gaps in business funding at a regional level, the Midlands Engine Investment Fund was set up to help support businesses with growth potential. AddQual has a strong commercial offering and following this boost we look forward to seeing the business continue to grow by expanding into new areas that it would not have been able to without additional funding.”
Lindsay Wetton, senior programme manager for business engagement at the D2N2 Local Enterprise Partnership, said
"This is a great example of how industry works these days, solutions being delivered by a company that is at the forefront of digital technology within two of our “traditional sectors” in D2N2 - the aerospace and medical industries.
"As a partnership, support organisations including the D2N2 Growth Hub, regularly come together to find solutions for our dynamic and ambitious firms. As a new business, we’re sure AddQual will go from strength to strength with the support from MEIF."
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.
If you would like to meet with one of MEIF's appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area