Luton logistics business secures loan to expand its range and create three new jobs.
AP Taylor Ltd (“AP Taylor”) has secured a £750,000 funding package from the Midlands Engine Investment Fund (“MEIF”), for the East & South East Midlands Debt Finance fund managed by Maven Capital Partners (“Maven”) and backed by the Recovery Loan Scheme.
The Luton-based leading logistics business will use the capital funding to invest in its growing service range, support business expansion through bulk stock acquisition and help create three new jobs for the local economy.
AP Taylor provides a personalised returns solution to a variety of global manufacturers and retailers of household and garden electronic appliances, providing the collection, analysis and repair of these appliances, as well as producing in-depth real-time, online reports of the fault analysis. The business employs over 100 staff and supports a range of high-profile customers including VAX, Hoover, Tefal, George Foreman, Delonghi and Russel Hobbs, as well as its own in-house branded range of Vytronix electrical products.
An AATF (Approved Authorised Treatment Facility) business, AP Taylor are one of the few operators in the UK with a high level of regulatory compliance which requires all electronic waste to be depolluted, disassembled, shredded, and/or prepped for controlled disposal. This restricted accreditation from the Environment Agency, mean the business has a re-use rate of over 90%, and means it is a key contributor to both the regional and national low carbon economy.
The business is backed by a highly skilled and knowledgeable management team, led by the co-founder and director Ross Taylor. Collectively the senior team have over 40 years’ experience within the reverse logistics space.
Ross Taylor, Co-Founder and Director for AP Taylor Ltd comments: “Taking a Recovery Loan Scheme facility via MEIF Maven Debt Finance has helped initiate our growth strategy. Graham came out to visit us and really took the time to understand our business and its challenges. The process was straightforward, and we received the loan in a timely manner. We look forward to working with Maven as we expand our offering and hire new staff as part of our ambitious growth plans.”
Graham Hall, Investment Manager at Maven states: “AP Taylor is a strong business which, for the first time since founding, needed some funding to both protect and expand its market positioning. Ross was introduced to us by his consultant at Empire Finance as the business fit the lending criteria for RLS. A great example of a local broker, Maven and MEIF working together to support business growth and create local employment.”
Lewis Stringer, Senior Manager at the British Business Bank added: “The MEIF continues to finance businesses in the Midlands that are helping to accelerate the region’s performance against net zero targets, a key priority for the fund. We would encourage other businesses focusing on the sustainability agenda, and looking to innovate, expand and grow to consider the MEIF funding options available to them.”
Vicky Hlomuka, SEMLEP’s Growth Hub Manager said: “It's fantastic to see another local business benefiting so much from the funding provided by MEIF, especially one as innovative as AP Taylor. This is a wonderful opportunity, not only for the company, but for the wider community as well.”
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 Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme