SJD Associates Ltd ("SJD") has secured a £200,000 funding package from MEIF Maven Debt Finance ("The Fund"), via the Recovery Loan Scheme. The Fund is part of the Midlands Engine Investment Fund ("MEIF") which is managed by Maven Capital Partners ("Maven").
Milton Keynes-based SJD is a long-established family business that undertakes building services engineering and electrical projects. It has built a reputation for more complex, highly important design-led upgrades through a large part of its portfolio covering prisons and hospitals in the UK.
The business is finalising the purchase of its current premises, alongside the unit next door, and will use some of the funding for refurbishment to help expansion and hire two additional employees. The business will use the new facilities and expanded team to secure new projects and further develop its portfolio.
SJD was incorporated in 1996 by current CEO Ruth Devine's father. Ruth is now the majority shareholder and driving force of the award-winning business, in partnership with Operations Director, Darren Hurley.
Graham Hall, Investment Manager for Maven, said: "It's fantastic to see the MEIF portfolio extend to a business that has built a niche reputation for being an expert in a truly skilled area. The business has a fantastic future ahead of it, under Ruth's excellent forward-thinking stewardship, and I'm glad that Maven will be there to join them.
Ruth Devine, CEO, for SJD Associates, added: "The partnership with Maven has enabled SJD to accelerate our high growth journey, building our strategic capabilities faster to capture more exciting opportunities. Maven has been refreshingly proactive and supportive throughout the process, and we look forward to a brighter future working closely together."
Mark Wilcockson, Senior Investment Manager at the British Business Bank, added: "The MEIF supports Midlands-based SMEs, in turn helping to grow the region's economy - this example of funding for SJD Associates shows how MEIF funding continues to help businesses with expansion plans and enable the creation of new jobs. Other businesses in the Midlands with similar growth plans and ambitions are encouraged to consider the various MEIF funding options available."
The Midlands Engine Investment Fund 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 2014-2022 and the European Investment Bank.
