News

Back to News

15th October 2019

Six figure funding makes growth a reality for Telford tech hire company

A Telford-based audio-visual hire company has secured £100,000 from the Midlands Engine Investment Fund (MEIF).

Blue Hire, which supplies equipment to the likes of ASOS, eBay, Nike and Budweiser, has secured this investment from BCRS Business Loans, which manages the WM Small Business Loans fund for the MEIF. Blue Hire has used this investment to create new jobs and move into a larger warehouse – increasing capacity and supporting its growth.

Steven Klein, Managing Director of Blue Hire, said:

“Technology doesn’t stand still; it’s constantly evolving, which means our company needs to as well. We used the business loan to purchase new, state-of-the-art equipment and move into a larger warehouse in Telford.

“The company has grown year-on-year since its inception in 2016 as technology continues to be an excellent way of engaging people at events and exhibitions. Our expansion means that we have more equipment available to rent to meet the needs of our growing customer base.

“Blue Hire rent out audio-visual, video wall, virtual reality and gaming equipment to a variety of customers in the UK and abroad.”

Tracy Sherratt, Business Development Manager at BCRS Business Loans, said:

“We are delighted to have supported Blue Hire which means it is now able to achieve exciting growth plans in an ever-expanding sector.

“We believe that no viable business should go unsupported and, as a relationship-based lender of impact, we understand how important companies such as Blue Hire are for the prosperity of our local economy and for creating employment opportunities.”

Ryan Cartwright, Senior Manager at the British Business Bank, said:

“It’s good to see how MEIF investment is supporting growth, with new job creation and increased capacity as the firm move to larger premises. We look forward to watching the firm build on its success moving forward and would encourage other smaller businesses in the region looking to grow to consider the options available through the MEIF.”

Paul Hinkins, chairman of the Marches Growth Hub that supports MEIF in the region, said:

“The growth of businesses, especially those in sectors like technology, underpins the economic prosperity of the region as a whole so it is vital that companies like Blue Hire can access the funding they need to build a sustainable future.

“It is very pleasing to hear about this success story in the heart of the Marches.”

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.

Follow @midsenginv


#MEIF and @Maven_Midlands recently provided Birmingham’s oldest continuously operating company with a £1m funding boost. Toye Kenning & Spencer was established in 1685 and is using this investment to progress its growth plans.

Read more in @businesslive: https://t.co/rGyPMnpNwE https://t.co/iLiWaY1oWK
MidsEngInv photo

Join our mailing list for the latest #MEIF deals, fund news and information on securing external finance. Register on our homepage: https://t.co/bhaSJ3nvsT https://t.co/UahmwovLew MidsEngInv photo

Growth Hubs are centres for business advice and can help connect firms with funding options, support and expertise. There are 10 based across the Midlands, find your nearest here: https://t.co/7EzhAH9eqN https://t.co/qYJL4blRkG MidsEngInv photo

Worcestershire-based @RapidRetail has secured £98k from @B_C_R_S through the #MEIF in conjunction with #CBILS.

The finance boost will help the firm, which supplies modular retail units, to fulfil orders and protect jobs.

Read more in @insiderwestmids: https://t.co/9ANR7Ho2Kn https://t.co/DdPkIEmVqg
MidsEngInv photo

#MEIF finance can be used to support buying machinery, hiring staff or expanding into new markets. A recent Early Assessment Report found that the Fund’s investment was enabling more businesses to export abroad.

Read the full report here: https://t.co/husSGZCYQu https://t.co/m3PNR6Jf0K
MidsEngInv photo

Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area

Small Business Loans

£25k – £150k

Learn More
debt finance

Debt Finance

£100k – £1.5m

Learn More
equity finance

Equity Finance

£50k – £2m

Learn More

Proof of Concept

Up to £750,000

Learn More

Follow @midsenginv


#MEIF and @Maven_Midlands recently provided Birmingham’s oldest continuously operating company with a £1m funding boost. Toye Kenning & Spencer was established in 1685 and is using this investment to progress its growth plans.

Read more in @businesslive: https://t.co/rGyPMnpNwE https://t.co/iLiWaY1oWK
MidsEngInv photo

Join our mailing list for the latest #MEIF deals, fund news and information on securing external finance. Register on our homepage: https://t.co/bhaSJ3nvsT https://t.co/UahmwovLew MidsEngInv photo

Growth Hubs are centres for business advice and can help connect firms with funding options, support and expertise. There are 10 based across the Midlands, find your nearest here: https://t.co/7EzhAH9eqN https://t.co/qYJL4blRkG MidsEngInv photo

Worcestershire-based @RapidRetail has secured £98k from @B_C_R_S through the #MEIF in conjunction with #CBILS.

The finance boost will help the firm, which supplies modular retail units, to fulfil orders and protect jobs.

Read more in @insiderwestmids: https://t.co/9ANR7Ho2Kn https://t.co/DdPkIEmVqg
MidsEngInv photo

#MEIF finance can be used to support buying machinery, hiring staff or expanding into new markets. A recent Early Assessment Report found that the Fund’s investment was enabling more businesses to export abroad.

Read the full report here: https://t.co/husSGZCYQu https://t.co/m3PNR6Jf0K
MidsEngInv photo

For the latest news and views join our mailing list

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information