Midlands Engine Investment Fund II makes 100th deal in the region
Based in Telford, specialist highways drainage contractor Crown Plus secured £3.9m in equity funding. The funding will be used to invest in new equipment and take on bigger projects and the business currently employs over 50 people.
This 100th deal comes almost one year after the launch of the new £400 million fund.
The British Business Bank’s Midlands Engine Investment Fund II has marked its 100th deal, having driven over £37m of investment into new and growing businesses across the region since its launch last year.
The Midlands Engine Investment Fund II’s 100th deal is a £3.9m equity investment in specialist highways drainage contractor Crown Plus, via appointed fund manager Mercia Ventures. The investment means the fund has delivered more than £27m across the whole of the Midlands, leveraging a further £10m from the private sector, totalling more than £37m overall.
Based in Telford, Crown Plus provides a complete highways drainage service, from detailed defect surveys to remediation and renewal. It has an exclusive contract to carry out surveys and testing across the Midlands and South West on behalf of National Highways, and uses the latest CCTV and surveying equipment to digitally map the condition of infrastructure.
The company has almost tripled its turnover in the past three years and the funding will enable it to invest in new equipment and take on bigger projects. Crown Plus currently employs over 50 staff and expects to double that by 2030.
Paul Conner, Director and co-founder at Crown Plus, said: “Crown Plus has a solid industry reputation but we have now reached a pivotal point where we need to invest in new equipment to exploit the opportunities ahead. This funding will enable us to implement our five-year vision for expansion. We look forward to working with Mercia Ventures and the British Business Bank as we embark on this new chapter of growth and development.”
Jody Tableporter, Director of Nations & Regions Investment Funds at the British Business Bank, said: “Celebrating 100 deals for the Midlands Engine Investment Fund II almost one year after its launch marks a significant milestone for the fund and demonstrates the importance of access to finance for small businesses. With more than £27m invested already and a further £10m unlocked in private sector funding, the appetite here in the Midlands for doing business is strong. The British Business Bank is here to support businesses looking to grow and scale, across the whole of the Midlands, and we look forward to continuing this important work.”
Other investments by the Midlands Engine Investment Fund II over the last year span digital, tech, healthcare, automotive, manufacturing and lifestyle.
The fund is part of the government-backed British Business Bank’s £1.6bn suite of Nations and Regions Investment Funds which aim to boost the strength of the UK’s small business sector and drive long-term economic growth. The Midlands Engine Investment Fund II offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million, and works with five accredited fund manager partners.
The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The fund is increasing the supply and diversity of early-stage finance for smaller businesses across the whole of the Midlands, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
Pic: Rafael Joseph from Mercia, Paul Connor and Gary Price from Crown Plus Limited and Beth Bannister from the British Business Bank
