Published: Jul 26, 2018
Focus:
MEIF Maven Debt Finance
Logistics Company set to expand several of its divisions and support an ambitious recruitment drive to deliver multiple global contracts
MEIF Maven Debt Finance has provided OnLogistics, a third-party logistics company that delivers added-value logistics and packaging services to customers across various sectors, with a £350,000 debt solution. The funding will enable the business to create 14 new jobs at its Tamworth-based headquarters and new 20,000 sq. ft. facility at the Elmdon Trading Estate.
Founded in 2004, OnLogistics has grown year-on-year, diversifying its supply chain offering, to support other dynamic sectors through added-value logistics and packaging services. Over the past two years staff numbers have almost doubled, with the funding from MEIF supporting a recruitment drive, the plan is to grow the company’s headcount another 33% by 2019.
OnLogistics is led by a highly skilled and experienced senior management team. The business is also chaired by Lord Digby Jones, who is the former Director General at the Confederation of British Industry and Minister of State for Trade and Investment.
Lord Digby Jones, Chairman and Shareholder of OnLogistics Ltd, said: “Timed to perfection, this funding boost for OnLogistics will provide the company with the extra impetus to enter new markets and grow its customer reach via three distinctive brands; OnLogistics Aerospace, OnLogistics Distribution and Fulfilment and OnLogistics Nursery.
“The MEIF Debt Finance offered by Maven not only provides ambitious SMEs across the Midlands with important funding, but also strategic and operational advice delivered by the investment team on the ground. Alongside other members of the OnLogistics management team, I look forward to driving the business forward in this new and exciting chapter.”
Nick Bennett, Managing Director of OnLogistics said: “We are delighted to have the backing and support of MEIF and Maven. It is a great opportunity for OnLogistics to execute its ambitious growth strategy, expand the team and unlock several market opportunities.
“Our experience with the local Maven team was seamless, where a dedicated investment manager worked with us to make sure the process was as efficient and quick as possible. We look forward to continue working with the team at Maven to embark on our exciting expansion plans.”
OnLogistics supports a number of high profile clients such as Rolls Royce Control Systems and TK Maxx, offering a range of logistic, packaging and distribution solutions. The business has developed in-house technology which integrates with its clients’ e-commerce platform, creating a seamless customer experience. OnLogistics will use the funding, secured via MEIF debt finance, to roll-out this innovative software and upgrade its IT systems to unlock further efficiency through order bar-coding, electronic tagging and satellite tracking of vehicles.
The MEIF debt funds, managed by Maven, focus on providing debt 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 offices in Nottingham and Birmingham, Maven has built a highly skilled team with in-depth knowledge of the local SME market, and have positioned a dedicated Investment Specialist in each Local Enterprise Partnership area.
Steve Lewis, Investment Director at Maven Capital Partners, said: “We are delighted to support OnLogistics’ ambitious expansion plans. This is an established, entrepreneurial business that has the opportunity to grow its reach and enter new markets, cultivate and expand its customer base and create new jobs within the Midlands region.
“The highly regarded senior leadership team has extensive experience and is committed to delivering growth. OnLogistics is a great example of the kind of business we’re looking to support via the MEIF Maven debt funds and we are excited to work with the team to help drive the business forward.”
Ken Cooper, MD at the British Business Bank, said: “OnLogistics is a great example of how money from the Midland Engine Investment Fund can support growing businesses in the Midlands. With this funding from Maven, the company looks set to grow from strength to strength, having identified a great market opportunity. That growth will be supporting the hiring of more employees and boosting the local economy.”
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.
