Scottish Loan Fund provides £0.7 million of funding to ExecSpace
The Scottish Loan Fund, managed by Maven, has committed £0.7 million of funding to the event services and management business, ExecSpace, to support its businesses growth strategy.
The investment will provide a significant boost to the business as it looks to widen its geographic reach into London and capitalise on the strong sector dynamics and positive economic indicators which reflect ongoing growth in that market. Founded in 2008 by Emma Little, ExecSpace is a specialist event and accommodation booking agent for over 200 organisations across the UK, including Grant Thornton, Aggreko, Aegon and Nucleus, and has enjoyed year-on-year growth thanks to its customer centric focus.
Headquartered in Edinburgh and with a second office in Aberdeen, ExecSpace organises events across the UK securing top-rate venues at the best price possible for its clients. Maintaining the quality of its service is paramount to the business and each account manager regularly visits venues to ensure that they meet the expectations and requirements of clients. This service extends to a bespoke accommodation booking service, providing an on-line booking tool tailored to their organisational requirements and policies.
ExecSpace also provides a comprehensive event management service. Events facilitated by the business can range from organising management meetings for 12 up to themed conferences for 800 people which require full event management expertise.
This investment is another example of how the SLF is helping companies like ExecSpace to exploit market opportunities and how it continues to be a valuable source of finance for established, growth-oriented SMEs. To date the SLF has committed £50m to businesses throughout Scotland to help them achieve their business plans and facilitate the next stage of growth.
Julie Glenny, Investment Director at Maven Capital Partners, said: “We have been extremely impressed with Emma and her team and are delighted to provide SLF support to assist them in achieving their vision for ExecSpace. An intimate knowledge of the market has helped the business to deliver year-on-year growth during a turbulent recessionary period. Emma leads a very ambitious management team which has worked hard to differentiate its proposition from many of its customers, offering a seamless and efficient service for its clients.”
Emma Little, Managing Director at ExecSpace, added: “ExecSpace is very pleased to have secured funding from the Scottish Loan Fund. The flexibility of the Fund has allowed for the funds to be tailored specifically to the needs of our business. Maven has been an excellent investment partner and we look forward to working with them during the continued expansion of our business.”
Michelle Kinnaird, Acting Senior Investment Director at the Scottish Investment Bank, the investment arm of Scottish Enterprise, one of the major investors in the SLF, said, “ExecSpace is a prime example of a Scottish company with clear ambition to widen its market reach in order to achieve its full growth potential. It is great to see companies such as ExecSpace, supported through the Scottish Loan Fund, exploiting these market opportunities.”