MEIF Maven Debt Finance completes its first investment
One of the UK’s leading manufacturers of vitamins, minerals and supplements is set for significant growth after securing a £500,000 investment from the Midlands Engine Investment Fund (MEIF) Debt Finance, managed by Maven.
Lifeplan Products Ltd (Lifeplan) is the first company to receive investment from the Fund enabling the business to implement its growth strategy to focus on building the team and improving manufacturing capabilities with the purchase of new equipment. The investment will support the creation of 20 jobs and play a pivotal role in the company’s ongoing expansion plans as Lifeplan explores other innovative manufacturing methods to better develop supplements.
Based in Leicestershire, Lifeplan was founded in 1983 initially launching with a portfolio of just 33 supplements. Now with over 250 products for sale under its own brand as well as providing a white label service for leading retailers such as Boots and Holland & Barrett, Lifeplan now ranks as one of the UK’s leading manufacturers of vitamins and mineral supplements selling its products in over 40 countries worldwide.
Usage of vitamins and supplements has increased significantly in recent years with 65% of all adults having taken some form of vitamin or supplement either daily or on an occasional basis. The market is predicted to see a steady rise long term, driven in part by the ageing population as well as increased engagement with male audiences.
The investment follows the announcement of Maven’s appointment to manage the £90m MEIF Debt funds, focused on providing debt funding to high-growth potential businesses located across both the West Midlands and the East & South East Midlands regions. Composed of two separate funds, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the Fund can provide finance of between £100,000 and £1.5million.
With offices in Nottingham and Birmingham, Maven has a long established record of working with advisers and businesses across the Midlands.
“We are delighted to support Lifeplan Product’s growth plans through the MEIF investment. This is a dynamic business consisting of driven and passionate individuals, with products tailored to an increasing market demand. As the first of many growing businesses the Fund will support, we look forward to helping Lifeplan expand their team and grow the company’s manufacturing capabilities.
“MEIF loans will support established businesses like Lifeplan where there is a funding gap for companies struggling to truly fulfil their growth potential and we look forward to supporting more businesses like this over the coming months.”
Jonathan Lowe, Investment Director at Maven
“This is the perfect timing for Lifeplan to receive this additional funding. The team and I are excited about the future prospects of the business and look forward to working with the team at Maven to fully exploit the opportunities available to the business.”
Jackie Robinson, MD of Lifeplan Products