10th April 2018
Lifeplan Products Ltd has received £500k worth of finance through the Midlands Engine Investment Fund (MEIF), with the injection of cash allowing the business to purchase new machinery and increase the size of its staff by 20 by 2022.
Based in rural Leicestershire, Lifeplan was founded in 1983, initially launching with a portfolio of just 33 supplements. After experiencing growing levels of demand from those looking to take more control over their wellbeing, it now ranks as one of the UK’s leading manufacturers of vitamins and mineral supplements – marketing more than 280 products in over 40 countries worldwide.
With investment secured from Maven Capital Partners – one of three Fund Managers responsible for the debt finance available through the MEIF - the purchasing of this new equipment will play a pivotal role in the company’s ongoing growth domestically and abroad, as Lifeplan explores other innovative manufacturing methods to better develop supplements.
Spurred on by a new ambitious target to double its annual sales over the next three years, this focus on its manufacturing process will also mean that the business can pursue the development of new products, enabling customers to maintain the health of different areas of the body, such as bones, joints and eyes.
Following the deal completion Jackie Robinson, CEO at Lifeplan, said:
“This is the perfect timing for Lifeplan to receive this additional funding. The team and I are excited about the future prospects of the business and look forward to working with the team at Maven to fully exploit the opportunities available to Lifeplan.”
Grant Peggie, Director, at the British Business Bank, commented:
“The British Business Bank is committed to the success of businesses from across the Midlands and via the Midlands Engine Investment Fund we are providing the region’s SMEs with access to finance that might not otherwise be available.
“It is great to see Maven making a significant investment in Leicestershire to support an ambitious business with its growth plans. To already export to 40 countries is a huge achievement and we hope that this injection of capital will not only contribute to the continued success of Lifeplan, but also the surrounding region, with new jobs already in the pipeline.”
Jonathan Lowe, Investment Director of Maven Capital Partners, said:
“We are delighted to have supported Lifeplan, an established manufacturing business with a successful track record that is led by a strong and experienced management team. The business is well positioned to grow significantly over the next three years and beyond.
“This is a good example of Maven working closely with a company’s existing high street lenders to support the accelerated growth of a Midlands SME.”
Kevin Harris, Vice-Chair of the Leicester and Leicestershire Local Enterprise Partnership, said:
“It is great to see a growing Leicestershire business receive this type of funding through the MEIF. The £500k loan will help Lifeplan to expand and reach its full potential which is exactly what the Fund was set up to achieve. Lifeplan will be one of many businesses to benefit from the debt finance loan and I’m looking forward to seeing a boost to business growth and productivity across the Midlands.”
The Midlands Engine Investment Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development. For more information on the funding available, please visit www.meif.co.uk.
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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