Published: Dec 07, 2018
Focus:
MEIF Maven Debt Finance
Birmingham-based business secures loan to invest in its product portfolio and and create new employment opportunities in the Midlands.
Maven has provided Automotive MacIiver, the designer of the world's only multiple car seats for children, with a £150,000 debt funding package. The funding will enable the business to invest in its product range, improving efficiencies in its batch manufacturing process, increase stock to meet growing sales and support the appointment of two new business development roles in the Birmingham area.
Multimac, invented by Automotive Macliver, is a unique, multi-child car seat which delivers a completely new concept in child car seat safety. By allowing three to four children to be seated in a row, Multimac removes the dangers associated with a seven-seater vehicle, which places children in the boot space of the car, commonly known as the ‘crumple zone’. The Multimac enables up to four children from 0-12 years to be seated in a row of even the smallest cars and is approved for adult use.
Additional benefits include the opportunity to convert a standard five seater into a six seater, so larger families do not need to upgrade to an expensive SUV or seven seater minivan, maximising boot space, which can be lost when families purchase a seven- seater vehicle to fit all the bulky singleton car seats, as well as maintaining a slicker and more stylish car interior. Exceeding all European safety standards, Multimac was tested in Sweden, the home of car seat safety. British designed and manufactured, Multimac car seats comply with European ECE44-04 safety standards, the standard legal requirement for safety for child seats.
Market potential for Multimac is growing increasingly strong, with over 180,000 families in the UK having a third child every year. UK laws have tightened up to resemble those in Europe, and as such it’s not uncommon for children to use a car seat for around 12 years. Automotive Macliver has full EU patent protection over the Multimac IP and collaborates with British and international insurers to protect consumers’ insurance premiums when using the product to convert a five-seater to a six-seater vehicle.
Founder and Managing Director, Kevin Macliver, said: “We have experienced substantial growth in terms of sales and demand for our product over the past few years, but believe this growth can be accelerated with a more sophisticated product line and additional sales and marketing support. This is why now is the perfect timing for Automotive Macliver to secure this funding, as we are keen to broaden our market potential and enhance the current growth rate. This loan will enable us to capitalise on the growing demand across the child car seat market and we look forward to working with the team at Maven as we pursue our ambitious growth plans.”
Raj Minhas, Investment Manager at Maven, said: “We are delighted to support Automotive Macliver’s growth plans through this investment from the MEIF. This is an established business with a niche product, showing strong growth potential. We look forward to helping Automotive Macliver invest to develop its product portfolio, improve manufacturing capabilities and exploit the opportunities available to the business.”
Pat Hanlon, Greater Birmingham & Solihull Local Enterprise Partnership’s (GBSLEP) Board Director for Access to Finance, said: “The Midlands Engine Investment Fund is a great addition to the funding options available to growing businesses in the Greater Birmingham and Solihull area. We’re pleased to see Maven Capital Partners providing funding to support a business such as Automotive Macliver with its expansion plans and look forward to hearing about many more businesses being supported by the Fund in the coming months.”
The MEIF debt funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million.
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.
