The Development Bank of Wales has provided £400,000 of funding to MII Engineering.
The Caerphilly-based company – which currently employs 250 staff and has a turnover of around £30m – will use the funding for working capital to secure a series of new contracts.
MII Engineering provides maintenance and repair services for all types of plant and machinery and offers a full range of services: mechanical, pipe, electrical, manufacture and scaffold.
Prior to this deal, the company received funding from Finance Wales – five loans totalling £1.8m since 2011 – as the current directors led a management buyout.
All loans from Finance Wales have been fully repaid.
“We have had a longstanding relationship with the Development Bank of Wales (and its predecessor Finance Wales) and they understand our business,” said Matthew Moody, finance director at MII Engineering (pictured above, second left).
“Our model is such that we often require short-term funding solutions to deal with extra working capital requirements to help fund large projects.
“We were impressed with the quick turnaround following our recent application and would recommend the Development Bank of Wales as a funding partner for growing companies.”
Steve Galvin, senior investment executive for the Development Bank of Wales, who worked on the case (pictured above, right), added: “The Wales Business Fund is one of our largest funds and helps businesses looking to grow.
“With loans and equity available from £50,000, it is perfect for those businesses seeking short-term working capital.
“As a dynamic, customer-focused business, MII has recorded impressive and sustainable growth over recent years.
“The business benefits from strong financial control, highly predictable cash flows and excellent repeat business from a blue-chip customer base.
“It has been a pleasure to work alongside them on their journey.
“We now look forward to this next period of growth.
“It's always rewarding to see businesses benefit from multiple successful funding rounds.”
Also pictured above: Left, Julie Brand, director at MII Engineering Ltd, Brian Arnesen, managing director at MII Engineering Ltd far right
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