Funding boost helps engineering firm to meet new contractsOct 09, 2021
FUNDING totalling £250,000 will enable an electrical engineering company in Northampton to deliver on two new contracts and take on new staff.
Bowers Electrical Engineering Services will use the money to purchase new materials and cover labour costs. It is an important part of the company’s growth plans, said managing director Chris Bowers.
BEES works with clients in the medical, life sciences and engineering sectors. It specialises in validation of decontamination equipment, design and building of specific machinery, control and automation of electrical panels and a customer part distribution service.
It has secured the growth capital loan from Maven Capital Partners E&SE Midlands Debt Finance fund through the Midlands Engine Investment Fund and backed by the Coronavirus Business Interruption Scheme loan.
Mr Bowers said: “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.”
Maven investment manager Graham Hall said the deal would enable BEES to “seize upon some great business development opportunities proactively sourced during lockdown.”
The deal has been welcomed by the government’s growth delivery agency the South East Midlands Local Enterprise Partnership.
Its Growth Hub manager Vicky Hlomuka 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 am delighted to hear that they have secured funding from the MEIF to help continue their growth journey.”