AIM-listed Hardide plc (“Hardide”) has secured a £250,000 funding package from the Midlands Engine Investment Fund (“MEIF”) East & South East Midlands Debt Finance fund, managed by Maven Capital Partners (“Maven”) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The business intends to use the funding, which it secured back in April, to continue its innovative product development and expand its business development activity.
Bicester-headquartered Hardide is responsible for developing advanced nano-technology metal coatings, which are used to help increase the lifespan and optimise the performance of vital metal components which operate in abrasive, erosive and chemically aggressive environments.
Founded in 2000, Hardide is led by an executive management team with more than 50 years of experience within engineering, metals, finance, and advanced technology sectors. Hardide’s customers include Airbus, BAE Systems, Leonardo Helicopters, EDF Energy and Royal Mail.
In 2020, the company was awarded the Queen’s Award for Enterprise: International Trade. The company also won the Queen’s Award for Outstanding Short-Term Growth in Overseas Sales.
Philip Kirkham, CEO of Hardide PLC comments: “The opportunity to work with Maven to secure additional working capital comes at a very important time, as we further develop exciting plans in the aerospace, alternative energy, and steam and gas turbine blade sectors."
Graham Hall, Investment Manager for Maven adds: “We are pleased to have been able to work flexibly and constructively with Hardide to shape this deal for a business listed on the AIM market. This clearly demonstrates the versatility of MEIF Debt Finance and suitability for all sizes and structures of SME.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “The MEIF is committed to supporting the Midlands’ thriving technology sector. Hardide is a key example of the type of innovative business the fund can support – with the finance provided by Maven enabling the company to continue developing products and break into new markets.”
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.