Building insulation manufacturers, YBS Insulation, has received a £250,000 loan to progress its growth plans.
YBS secured the finance from the Midlands Engine Investment Fund (MEIF) East & South East Midlands Debt Finance Fund, managed by Maven Capital Partners.
The business, based in Creswell, Derbyshire, will use the funding to invest in new production machinery to increase its output capacity, as well as strengthening its sales and marketing function.
The deal will help YBS continue to generate new business opportunities by enhancing its digital presence, improving its e-platform and growing its social media presence.
Simon Sharkey, Managing Director at YBS, said: “This marks another exciting milestone for YBS as we look to continuously improve our customer offering though new product developments and improved efficiency.
“We have significantly advanced the business over recent years, but this will provide the investment to really accelerate our plans. Jonathan and Maven have been instrumental in securing this investment and we at YBS are looking forward to building on this relationship.’’
Jonathan Lowe, Investment Director for Maven, added: “We are delighted to support Simon and his team with this MEIF loan as YBS look to develop to the next stage. Increasing numbers of property owners in the UK and overseas are seeing the benefits of investing in energy efficient insulation and YBS is well placed to expand further at its site in North Derbyshire.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “By securing this funding package from MEIF, YBS will be able to build its manufacturing capacity, unlocking new growth. We encourage other Midlands’ businesses that are looking to bounce back and reach their next stage of growth to consider the various finance options available through the MEIF.”
Sajeeda Rose, Chief Executive, D2N2 LEP, said “Through the Midlands Engine Investment Fund, we want ambitious businesses to have the opportunity to grow and innovate. Supporting companies like YBS, which are helping to reduce energy consumption and reduce carbon emissions, will help our regions collective vision for green led recovery and growth.”