5th August 2021
The Midlands Engine Investment Fund (“MEIF”) West Midlands Debt Finance, managed by Maven Capital Partners (“Maven”), and backed by the Coronavirus Business Interruption Scheme Loan (“CBILS”), has provided ACL Limited (“ACL”) with £500,000 worth of funding. This recent capital boost will enable the business to push forward plans with product development.
Based in Dudley, ACL is a furniture manufacturer which specialises in the design and production of bespoke fabric and leather sofas and chairs, and currently supply most of its designs to major furniture retailers. The £500,000 funding package will not only be used to progress its product development plans, it will also support the launch of its new reclining chair range.
Craig Watts Chairman at ACL Limited comments: “As our business is in the process of launching new products to market, we are delighted to receive financial support from the MEIF and Maven. The funding will no doubt bring us one step closer at achieving our ambitious growth targets.’’
Chris Rogers, Investment Manager for Maven adds: “I’m pleased to be able to assist ACL with MEIF funding. The business was impacted by the effects of Covid-19 but have remained strong by seizing opportunities for growth as the country recovers from the pandemic.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank: “This latest round of MEIF funding will help ACL deliver its new range of furniture products and realise its growth potential. We’d encourage other businesses looking to continue to invest and grow across the region to consider the finance options available through the Fund.”
Tom Westley DL, Chair of the Black Country LEP Board, said: “The last 18 months have been challenging for business so it’s great to be able to support Black Country companies like ACL to launch new products into the market supported through MEIF Funding. Our role is to support businesses in recovering and expanding so that we continue to see our local and regional economy grow.”
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.
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