Published: Jul 12, 2019
Focus:
MEIF Maven Debt Finance
Homelift manufacturer secures business loan to invest in its stock, upgrade its IT infrastructure and create 16 new jobs in the region
Maven has funded manufacturer and supplier of homelifts, Stiltz, with a £1m loan facility from the Midlands Engine Investment Fund (“MEIF”). The debt package will allow the business to execute its growth plan; upgrade its internal system and IT infrastructure, invest in stock to meet growing customer demand in the UK and overseas for its products, whilst creating 16 new jobs in the region.
Based in Kingswinford, Stiltz manufactures and supplies a range of domestic lifts for individuals who struggle with mobility and require assistance to move up and down stairs, or who are future-proofing in the anticipation of eventual need. Unlike traditional stairlifts, Stiltz lifts are stylish, spacious and comfortable and can be fitted virtually anywhere in the home. Branded as ‘The Homelift Company’, the business has experienced rapid growth following investment in its expanding product range and the development of strong relationships with a range of domestic and overseas distributors.
In 2015, there were around 901 million people aged 60 years and over worldwide, representing 12.3% of the global population. By 2030, this will have increased to 1.4 billion or 16.4% according to the Office for National Statistics (ONS). With an aging population, the UK is seeing an active push away from residential care and towards domiciliary care, fuelling the growth of this market.
The Stiltz management team is a mix of seasoned industry experts, entrepreneurs and market specialists. Chairman and CEO, Mike Lord, has 25 years’ experience in the healthcare industry with a background in the Mobility and Assisted Living market.
Steve Lewis, Investment Director at Maven Capital Partners, said, “Stiltz is a well-run business in a growing sector, which manufactures innovative and valuable products to their customers, making a positive difference to their lives. With this funding boost from MEIF Maven Debt Finance, the company will unlock several exciting opportunities, further accelerating the firm’s rapid growth.”
Mike Lord, Chairman and CEO of Stiltz, said; “We are delighted to have received this funding, which will support our expansion plans as we continue to make our products available to those who need them the most. Our business is centred around our customers and homeowners whose quality of living is dependent on mobility solutions such as ours, and we strive to develop products that make a genuine difference to these peoples’ lives. We are very excited about Stiltz’ next phase of growth and look forward to working with the MEIF team over the coming years.”
Ryan Cartwright, Senior Manager at British Business Bank, added: “The MEIF continues to support growth businesses in the region, with this latest investment providing vital funding to support the development of infrastructure and enable job creation. It’s great to see the funding making a real and measurable difference to businesses across the Midlands.”
Paul Brown, Black Country LEP Board Member said: “The Black Country LEP is delighted that Stiltz has received significant investment via MEIF. The Midlands Engine Investment Fund aims to support businesses to be able to develop so that they can continue to contribute to economic growth within the Black Country, and region. Investment such as this demonstrates that the Black Country is a great place to do business and that the Midlands is a thriving environment for firms to flourish.”
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.
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.
With Midlands offices in Nottingham and Birmingham, Maven has built a highly skilled team with in-depth knowledge of the local SME market with a dedicated Investment Specialist for each Local Enterprise Partnership area.
