Bowers Electrical Engineering Services Ltd (“BEES”) has secured £250,000 from Maven Capital Partners (“Maven”) E&SE Midlands Debt Finance fund, through the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Scheme Loan (“CBILS”).
The Northampton company will be utilising the funding to purchase new materials and cover labour costs – enabling it to deliver two new contracts that the business has recently obtained and will create two new jobs as a result of the funding.
BEES provides electrical engineering services through four key services offerings: validation of decontamination equipment, design and building of specific machinery, control and automation of electrical panels, and a customer part distribution service.
The business provides their services to a range of clients within the medical, life sciences and engineering sectors, including the NHS, CIS and Miele Professional. Overseen by Managing Director Chris Bowers, who has professionally shaped and led his team to build their service range into today’s diversified offerings, and demand for these specialisms continues to grow as businesses increase their automated machinery and systems investments.
Chris Bowers, Managing Director for Bowers Electrical Engineering Services Ltd comments: “Following this MEIF funding, we are now in a very strong working capital position, allowing us to spring forward and deliver the next level of our growth trajectory and tender for all sizes of Machine Control and Automation projects. Many thanks MEIF, Maven and Graham for your initial and ongoing support.’’
Graham Hall, Investment Manager for Maven adds: “It’s great to be able to assist Chris with this important Growth Capital Loan to allow the firm to seize upon some great business development opportunities proactively sourced during lockdown. Many thanks also to Barclays which made the introduction upon Chris’s request, showing how the MEIF can bridge gaps for businesses seeking out funding opportunities.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “We are delighted to see this latest MEIF deal helping another business to continue to grow and secure additional market opportunities. The Fund is committed to supporting Midlands’ firms, such as Bowers Electrical Engineering Services, expand.”
Vicky Hlomuka, growth hub manager at SEMLEP, said: “Not only is the electrical engineering sector itself an important part of our local and national economy, but BEES also provides services to the NHS, and the engineering, medical and life science industries, whose value is seen more clearly now than ever. I'm delighted to hear that they have secured funding from the MEIF to help continue their growth journey.”
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.