Househam Sprayers secures £450,000 funding package via MEIF
Added by Love Business East Midlands | 5 August 2022
Maven Capital Partners continues to back ambitious businesses across the East and South East Midlands via the Midlands Engine Investment Fund.
Househam Sprayers Limited (“Househam”) have secured a £450,000 funding package from MEIF Maven Debt Finance East and South East Midlands (“the Fund”) via the Recovery Loan Scheme. The Fund is part of Midlands Engine Investment Fund (“MEIF”) and is managed by Maven Capital Partners (“Maven”). The business is planning to use the funding to increase stock levels to fulfil their improving order book for 2022.
Founded in 1970, and based in Woodhall Spa, Lincolnshire, Househam has over 40 years of experience within the agricultural technology and manufacturing sector.
The business specialises in the production and engineering of a range of self-propelled crop spraying machines. Its machinery is renowned for featuring some of the most innovative and up-to-date technology within its product range.
The funding will provide Househam with working capital, enabling it to purchase additional stock to fulfil its growing order book for 2022.
Greater Lincolnshire has one of the largest concentrations of food manufacturing, research, storage and distribution areas in Europe. Its agri-food sector alone is responsible for growing 12% of the England’s total food production and the food supply chain provides 24% of jobs in the region.
Robert Willey, Managing Director for Househam Sprayers Ltd, commented:
“The loan from MEIF Maven Debt Finance provides our business with certainty going forward, enabling the team to push forward with our exciting plans to grow the business via our increased sales orders this year.’’
Richard Altoft, Investment Director at Maven, stated:
“Following the introduction of the business by Duncan & Topliss we could see that Househam Sprayers is a long-established Lincolnshire based business with a strong reputation within the sector. It has plans to increase sales in both its domestic and overseas markets in 2022 and beyond, which may also lead to expanding its current operations and workforce.”
Lewis Stringer, Senior Manager, UK Network at British Business Bank, said:
“The MEIF continues to enable growth potential in SME’s across the Midlands region. This latest investment in Househam Sprayers supports Lincolnshire’s thriving agri-food sector and there is an increasing portfolio of rurally-based businesses in the County now being supported by MEIF. We would encourage other similar businesses to contact the fund managers.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said:
“Househam Sprayers is a very well established Greater Lincolnshire business operating in one of our most important sectors: food production and agritech. The business in Woodhall Spa designs and builds advanced sprayers that deliver healthier crops for farmers all over the world.
“This loan is great news for both the business and the agrifood sector as it will help Househam Sprayers to meet the growing demand for its high-tech products. We look forward to continued growth and further success for Househam Sprayers and for the UK Food Valley.”
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 Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme
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