Published: Nov 14, 2018
Focus:
MEIF Maven Debt Finance
Lincolnshire-based business secures MEIF loan to secure and complete new contracts and create new jobs in the county.
MEIF Maven Debt Finance has agreed a six-figure loan funding solution for Tienda, a ‘turnkey’ interior design and fit-out specialist. The loan will be used to finance new contracts for a range of customers including a major building society, banks, department store coffee shops and convenience stores. Six jobs will be created in the county as a result.
Tienda operates for a number of large main contractors, providing fit-out and joinery services to the commercial, hospitality, office and residential development sectors. Its full range of services include developing clients’ briefs, detailing design work, project management and workshop and site construction. The Company has recently secured several new contracts to provide interior design, refitting and construction work.
Nic Grimoldby, CEO at Tienda, said: “We are delighted to have the backing and support of MEIF and Maven. The funding will enable us to take advantage of new client opportunities whilst expanding our team. With Maven’s support, we are confident we can pursue our ambitious growth plans faster.”
The design industry continues to grow in both size and stature. The UK creative industry is worth £76.9 billion a year and new figures published by the government confirm that creative industries are outperforming the UK economy as a whole, with Design being the fastest growing, contributing £8.8 million. The Design Council highlighted this significant growth in a report earlier this year, stating that Design is a key engine within this sector, with its contribution growing faster than any other part of the creative industries.
The business is led by a highly skilled management team; Managing Director, Nic Grimoldby joined Tienda 12 years ago; he is a trained Interior Designer with 25 years’ experience. Director, Robert Hardy has 26 years’ experience in the design and construction industry and spent the last 17 years involved in the running and directorship of design & build businesses.
Jonathan Lowe, Investment Director at Maven, said: “Tienda is an established, well managed business with a track record of securing contracts with high profile customers. The company has a strong reputation within its industry and good relationships with some of the main contractors across the Midlands. We are delighted to provide the funding solution Tienda needs to fulfil its growth strategy whilst contributing to regional development.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
