Nottingham-based firm will use the funding to progress growth plans
A Sandiacre (Nottingham) firm specialising in plastic and metal injection moulding has secured a £250,000 from the Midlands Engine Investment Fund (MEIF) Debt Finance, managed by Maven Capital Partners.
H.P.M Limited (HPM) will use the funding package to supplement its working capital, strengthen its presence in the region and hire three additional staff. The deal follows the recent acquisition of HPM by Bage Technologies Limited in June.
HPM produces customised components, sub-assemblies, complete product assemblies and testing for various industries including the aerospace, automotive, medical, electronics and engineering sectors. The firm specialises in metal injection moulding and uses a unique process called metal sintering, which gives the business a technical and commercial advantage over its competitors.
Andrew Eyre, Managing Director at HPM said: “We are extremely excited to receive the funding from MEIF and Maven, which will allow us to fulfil our growth strategy whilst contributing to regional development. We look forward to working with Maven and drawing upon its expertise over the upcoming years.”
David Tindsley, Investment Manager at Maven said: “HPM is a well-established and strongly performing business and we are delighted to provide the firm with the funding it requires to grow. We look forward to working with the team and helping HPM capitalise on new market opportunities.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “The MEIF can invest in a wide range of Midlands’ businesses, with manufacturing remaining the most active sector currently. This investment into HPM further confirms the region’s strength in manufacturing. We’d encourage other businesses within the area to consider the funding options available through MEIF.”
D2N2 Chief Executive Sajeeda Rose said: “Businesses with a plan for growth like HPM will give our local economy stability as it recovers from the Covid-19 pandemic, so I’m delighted to see this investment by the Midlands Engine Investment Fund.
“Our region is known for its advanced manufacturing which delivers highly skilled jobs to our communities so it’s a good sign for our economy that this investment will be used to create new jobs.”
Alicia Corby at Gateley Legal and Jay Mehta of DWF advised Maven in relation to the loan.
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.