MEIF Maven Debt Finance investment in interior design and construction specialist Tienda
Added by Love Business East Midlands | 22 November 2018
UPDATED: 22 November 2018
Growing Lincolnshire business secures investment creating new jobs and new contracts.
MEIF Maven Debt Finance (“the Fund”), managed by Maven Capital Partners (“Maven”), has agreed a six-figure loan funding solution to Tienda Limited (“TL”), a ‘turnkey’ interior service provider.
The capital will be used to finance a new contract, which runs over five years, to refit up to 700 outlets including a Building society, Banks, coffee shops and convenience stores. Six jobs will be created in the region as a result.
Tienda operates as both a main contractor and as a preferred contractor for a number of large main contractors, providing fit-out and construction services to the Commercial, Hospitality, office and residential developers sectors as well as targeting companies directly with its interior design, fit-out and construction services.
Having recently shifted its model to target blue chip customers, Tienda has secured several contracts to provide interior design, refitting and construction work. Tienda’s full range of services include developing clients’ briefs, detailing design work, project management and workshop and site construction.
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.”
Grant Peggie, Director at the British Business Bank, said: “The Midlands Engine Investment Fund was established to support growing businesses across the region. The investment in Tienda is a great example of how MEIF is supporting smaller growing businesses in Lincolnshire and creating new jobs. We’re keen to hear from more businesses across Lincolnshire who are looking to scale up and grow and would encourage those smaller businesses to consider funding through the MEIF.”
Samantha Harrison, Head of the Business Lincolnshire Growth Hub, said: “We are delighted that the Greater Lincolnshire LEP's £5 million European funding contribution to the Midlands Engine Investment Fund has been accessed to support a dynamic design business. There is huge potential for this business to continue to develop and grow. We wish Nic every success and encourage other businesses to access the Debt Finance Fund to support their growth plans.”
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 debt funding to growth businesses located across the Midlands. Composed of two separate lots, £50m is available for SMEs located in the West Midlands, and £40m for SMEs 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.
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