Manufacturer cleans up with cash injection

Posted on 2 Apr 2015 by Victoria Fitzgerald

Cleaning products manufacturer and supplier, Coventry Chemicals has received a £1.75m cash boost from Finance Birmingham.

The funds will be used to bolster growth, which includes a push on exports and investment in innovation, to meet demands of a growing sector.

The firm is set to create 10 new jobs and secure 140 roles at its factory in Baginton in Coventry.

The organisation also plans to expand operations into Brazil, India and South East Asia.

Cleaning - photo by T. Tarasiuk
The manufacturer makes and supplies cleaning products to the professional, retail and healthcare sectors.

Managing director, Steve Quinlan, said:  “Finance Birmingham’s support has enabled us to secure the future of Coventry Chemicals and take forward plans for international expansion and growth in the UK.

“The team has worked closely with us to build a package that will allow us to develop innovative new products and capture the growth opportunities that these will bring.”

The investment marks the eighth deal for Finance Birmingham’s £56m Mezzanine Fund, which was introduced last year.

The Mezzanine Fund is supported by the Government’s Regional Growth Fund and is the largest individual growth capital fund for SMEs in the West Midlands.

The funding pot is expected to support more than 40 West Midland businesses and create employment throughout the area.

Stephen Murray, investment director at Finance Birmingham said: “Coventry Chemicals is a long-standing West Midlands manufacturer that is evolving to not only keep pace, but to lead its sector in the UK and beyond.

“Working with the business, we have supported an operational restructuring that is now driving significant growth and seeing the company expand into new product categories and geographies.”