Wholesale and giftware business will use the funding to invest in the company’s product portfolio accelerating their next phase of growth
Groovy UK Limited, a wholesale and giftware business, has received a £250,000 loan facility from the Midlands Engine Investment Fund (MEIF), managed by Maven Capital Partners.
The business is a developer, wholesaler and distributor of giftware products and will use the funding to accelerate the company’s growth plans and invest in its product portfolio and licensing agreements.
Groovy sources and designs hard-to-get giftware products and supply them to major high street and online retailers. With experience in both designing and manufacturing a mix of original products, Groovy’s clients include the likes of Argos and Harrods.
The company’s in-house design team creates its own collections in line with current trends in film, TV and fashion, and has exclusive UK and European distribution rights via licences with popular blue-chip names, such as Star Wars, Harry Potter, Marvel and Doctor Who. New licences are currently being finalised and set to include other well-known family favourites.
Groovy is led by a highly experienced and dedicated management team with a broad range of industry expertise. Founder and managing director Monique Scott has 25 years’ experience in the gift and gadget sector in senior development roles, and is supported by Sales Director Tony Lewis, highly experienced in sales, business development, and managing relationships with key global licensees. These include Disney, Mattel, BBC and Hasbro, among others. This new round of debt funding is aimed at increasing sales capacity, further improving design quality and innovation, and funding vital new administrative and operational roles.
The company was introduced to Maven by K2 Management Solutions, an accountancy firm based in the East Midlands.
David Tindsley, Investment Manager at Maven said: “Groovy is a creative and innovative business, led by an extremely passionate and ambitious management team who are excited to drive the business forward. The MEIF Maven Debt Finance loan will enable Groovy to exploit new opportunities and achieve their ambitious growth plans. We look forward to working with the company as it enters a next phase of growth.”
Monique Scott, managing director at Groovy commented, “We are delighted to receive this loan and look forward to investing in our business, offering our customers unique products to help them stand out in the crowd. The MEIF loan funding will enable us to pursue our growth plans, expand our product lines, and supply high quality, unique products. This is an exciting time for the business, and we look forward to working with Maven in the coming years.”
Kym Ellington, managing director at K2 Management Solutions Ltd, said: “This funding proposal was the result of an excellent relationship and collaboration between K2, Maven and Groovy. We are delighted to have assisted with this outcome and look forward to working with both parties on future projects and funding requirements.”
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.
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