A metal supplier to the energy industry which launched during lockdown is creating jobs after winning £1 million of support from the Midlands Engine Investment Fund (MEIF).
The loan from The FSE Group Debt Finance Fund, backed by the Recovery Loan Scheme, will support growth at Chesterfield-based International Energy Products.
The company was set up in 2017 by Emma Beresford who spent two years establishing a “robust supply model” before full trading started in 2020. The funding has given her confidence to succeed in an already challenging supply environment which has been made worse by the war in Ukraine.
As well as supplying metal, it also processes speciality alloys for the oil, gas and renewable energy industries as well as the aerospace, marine and defence sectors.
The funding follows a £500,000 MEIF loan last November which allowed the company to invest in marketing, IT, new jobs and bigger premises.
The most recent loan will be used for further staff hires, equipment purchase and maintaining stock levels to support new contracts.
Ms Beresford, the company’s managing director, said: “Having just reached the point of trading when the pandemic hit, our growth plans inevitably slowed but we are now ready to scale up in line with the recovery of our customer base.
“As a new business that doesn’t have the trading history needed for bank funding, the MEIF loan will help us with the cashflow and capacity needed to take on new, large contracts and we are thankful to FSE for investing in our future growth.”
Ann Marie McFadyen, investment manager at The FSE Group, said: “Emma is a forward-thinking MD who knows her market well and has been appointed export champion for the Department for International Trade for the second year running.
“Her innovative approach has allowed her to minimise risk and future-proof against supply chain issues and pricing. Years of hard work have paid off with this small business now years ahead of its competitors and we are thrilled to be supporting Emma and her team at this crucial point in their growth journey.”
Lewis Stringer, senior manager for the UK Network at the British Business Bank, said: “The previous round of MEIF funding for International Energy Products supported its initial growth and created new jobs in the region, while this second funding round will continue to support these activities.
“With more Midlands businesses moving past post-pandemic recovery and into the growth stage, we encourage more companies to consider MEIF funding to support their development.”
The Midlands Engine Investment Fund project is supported financially by the European Union and the FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5 million to help growing SMEs across the region.
