£250 Million Midlands Engine Investment Fund Hits £50 Million Milestone

N News

August 12, 2019

NCM Depositary Services acts as depositary to MEIF ESEM Equity LP, which forms part of the larger Government-backed initiative, the Midlands Engine Investment Fund (MEIF). MEIF was established last year as a £250 million fund, combining funds from the UK Government, the European Regional Development Fund and the European Investment Bank. It provides funding to a wide range of businesses in the Midlands ranging from IT and technology to manufacturing. MEIF is delivered by the British Business Bank.

 

MEIF has just celebrated its first anniversary, so we are delighted to see that it has already invested £50 million in the region.

 

One of MEIF’s latest deals in the East Midlands is a £250K investment in Leicester-based Groovy UK. The wholesale giftware firm creates and sells branded goods, with exclusive UK and European distribution rights via licences with popular names such as Star Wars, Harry Potter, Marvel and Doctor Who. By securing the finance, the firm hopes to accelerate its growth plans, investing in its product portfolio and licensing agreements.

 

Boosted by initiatives such as MEIF, the British Business Bank reports that finance in the Midlands is becoming more accessible. Their latest figures released in June show evidence of an increasing amount of investment being made in the Midlands with 41 per cent of equity finance now secured by companies outside the capital, up 7 per cent since 2017.

 

Commenting on the milestone, Patrick Magee at the British Business Bank, said, “The Midlands Engine Investment Fund was set up to address a market gap in finance available to SME’s across the region. Investment can often be crucial in allowing firms to explore emerging opportunities and expand, without it growth stalls. By hitting this milestone, only months after passing the £25million mark, we are reaffirming our commitment to Midlands’ businesses, providing much needed investment and helping many fulfil their growth ambitions.”

 

Lauren Scott of NCM Depositary Services said, “We were delighted to be appointed as depositary of MEIF ESEM Equity LP in Spring 2018. Since then, the fund has completed investments of more than £10 million, which makes up a significant proportion of the total sums invested by MEIF. We look forward to continuing to act as depositary for MEIF ESEM Equity LP, and to playing a small part in supporting businesses in the Midlands.”

 

For more information on NCM’s depositary services, click here