Concept Smoke Screen will use the funding to launch a new product, expand its customer reach overseas and create five new jobs in Lincolnshire.
The Midlands Engine Investment Fund (“MEIF”) Debt Finance, managed by Maven Capital Partners (“Maven”), has provided Concept Smoke Screen Limited (CSS) with a £250,000 loan. Based in Swineshead near Boston, the company which is a manufacturer of innovative security products will use the loan to create five new jobs, supporting plans to expand globally. The funding will also allow CSS to launch a new product in the UK.
Founded in 1992 and led by Matt Gilmartin, CSS successfully manufactured the security smoke screen which immediately releases a harmless dense fog which can quickly fill a confined space to disorientate an intruder.
Matt Gilmartin, Managing Director of CSS, said: “We are looking forward to the next phase of growth for our business which will include launching a new product in the UK, overseas expansion and welcoming new staff to the team. Working with the Maven team has been a positive experience and with the funding under our belt, we look forward to seeing what the future holds for us.”
Jonathan Lowe, Investment Director at Maven Capital Partners, commented: “CSS is an established business with expert knowledge and experience in the security industry. We worked closely with NatWest to structure our loan alongside the existing bank finance, to provide extra support for the company. Matt and the team at CSS are dedicated to driving the business forward and we look forward to working with them as they execute the firm’s growth plans and continue to expand its customer reach across the UK and overseas.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “The MEIF is committed to supporting businesses across the entire Midlands. It is good to see the Fund helping to boost growth, with CSS using MEIF finance to develop new products and expand globally.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said: “It's fantastic to see an innovative and forward-thinking Greater Lincolnshire business like CSS getting help to expand globally.
"These are uncertain times for everyone so it's especially important for the business sector to know that such support is available to them.
“The Midlands Engine Investment Fund is a valuable source of finance for Greater Lincolnshire businesses, and this is a good example of how the fund is boosting SME growth across our area."
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