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A Coventry-based trampoline park has received a £300,000 loan for the purchase of additional equipment and a new inflatable park section.

Red Kangaroo secured the finance from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

This finance will allow the Coventry based park to strengthen its facilities, offering more activities for young people in the area. The additional equipment will also enable it to create a layout that follows government guidelines which adheres to social distancing. The park’s reopening is restoring around 40 jobs across the park.

Red Kangaroo is a large trampoline park, offering fun activities for children of all ages. It encompasses foam pits, a wipeout zone, an air bag and a mega slide, as well as the new inflatable park.

Paul Wrightman, Red Kangaroo Founder, said: “Following a fire that put the park out of action in 2018, our re-fit was put on hold last year due to coronavirus. This funding has enabled us to complete the work on the park and create an exciting new area to offer even more variety.

“To ensure we can offer the safest environment for our staff and customers, we have increased activities and put Covid-secure measures in place. We are grateful for The FSE Group’s support in taking us through the funding process and helping us secure the loan.”

Since the opening of the first indoor parks in 2014, trampolining has become one of the UK’s fastest growing sport and leisure trends. Red Kangaroo is ready for a projected rise in visitors over the coming months. Demand has remained high through the periods between lockdowns and with its increase in the range of activities on offer.

Chirag Mistry, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Paul has extensive knowledge in the leisure industry and is a very committed and passionate owner. He has created an offering that meets the demands of customers seeking Covid-safe activities, as demonstrated by the high level of booking enquiries received prior to reopening. Due to the current restrictions placed on foreign holidays, I am sure that Red Kangaroo is likely to be a popular venue during the six-week summer holidays. We look forward to working with Paul and seeing how the next stage of his journey goes as he reopens.”

Ryan Cartwright, Senior Manager at the British Business Bank said: “The investment from the MEIF will support Red Kangaroo’s reopening – restoring up to 40 jobs. This will help boost the local economy, while supporting the firm’s ongoing growth plans, with the funding also being used to upgrade and expand its Coventry facility. We look forward to seeing the firm accelerate its recovery.”

Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “Red Kangaroo has become a firm favourite with parents and children alike since it was established in our area and this funding will enable the business to extend the facilities it can offer. It is vital we help our businesses not only to recover from the pandemic but to enable their future growth. This fuels the short and long-term future success of Coventry and Warwickshire’s economy - the key driver of the CWLEP’s Strategic Reset Framework.”

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 Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

Oxto Energy has secured a £300,000 loan from the Enterprise M3 Short Term Loan Scheme to cover up-front costs for an overseas contract.

The finance will enable the company, which is headquartered in Guildford, to cover the advance payments for materials and sub-contractors that are required to fulfil its latest project to install ten flywheel batteries in Kenya.

Oxto has developed a new generation flywheel energy storage technology that can deliver safe, scalable energy storage at a competitive cost. The flywheel battery works alongside any renewable energy source, from large wind turbines to smaller electrical vehicle charging stations, stabilising and storing the electricity from these sources. This provides Oxto’s customers with reduced energy costs whilst helping them to achieve their sustainability goals.

George Prassinos, Founder and CEO of Oxto Energy commented: “The up-front costs associated with large contracts can be prohibitive to small businesses like ours. This finance gives us the capacity to take on the opportunities available and further the growth of the business. The FSE Group analysed our current pipeline and the companies we partner with and was able to provide the support needed for us to deliver this latest project.”

There has been a large growth in demand for cleantech power solutions globally, including in energy storage, which has traditionally been fuelled by diesel. Oxto Energy is constantly researching ways to design and manufacture comprehensive solutions that can meet the varied requirements of global companies and diverse electricity markets.

James Edwards, Investment Manager at The FSE Group which manages the EM3 Short Term Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Oxto’s highly experienced and well-connected management team has successfully developed an innovative, market-leading technology that is gaining traction across the globe. With five contracts secured and a further 30 in the pipeline, they are well on course to reach their growth ambitions and we look forward to working with George and the team to see this delivered.”

Kathy Slack OBE, Director Enterprise M3 LEP, said: “Enterprise M3 LEP has put the global goal of Net Zero at the very heart of our economic recovery plan, so I am delighted that we’ve been able to help fund OXTO Energy to further develop its flywheel energy storage technology through a project in Kenya. This demonstrates the many opportunities available to businesses within the cleantech industry and I look forward to seeing more investments like this in the future.”

The EM3 Short Term Loan Scheme is part of the Enterprise M3 Funding Escalator, £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes an expansion loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

For more information about the Enterprise M3 Funding Escalator please visit: https://www.thefsegroup.com/fund/enterprise-m3-funding-escalator/ or contact James Edwards at james.edwards@thefsegroup.com tel:  01276 608531 / 07384 8167 for more information about Oxto Energy, visit: www.oxtoenergy.com

The FSE Group is pleased to welcome experienced Investment Manager Philip Greenwood to its South East team.
Philip will be supporting eligible SMEs looking to scale up their business in the Thames Valley Berkshire region. He brings with him over 30 years’ experience having worked in both commercial and corporate banking. Most recently as a Senior Relationship Manager, Philip has managed various high value portfolios across different sectors and has an in-depth knowledge of specialist funding.

Cheryl Weeks, Head of Funds, South East for the FSE Group, commented: “We are looking forward to working with Philip and welcome him to the South East Team. He is a very experienced finance professional with specific knowledge of the Berkshire region. To date the Thames Valley Berkshire (TVB) Funding Escalator has supported 82 businesses with just over £14m being invested in the region's growing SMEs. Philip’s experience will be an excellent resource and will help us to continue supporting Berkshire businesses with this vital source of alternative funding.”

The Thames Valley Berkshire (TVB) Funding Escalator is an £11.3m initiative funded by Thames Valley Berkshire LEP. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the TVB area.

Philip Greenwood, Investment Manager, South East for The FSE Group adds: “I am really looking forward to working with and providing advice and guidance for, all eligible Thames Valley SMEs seeking to scale up their businesses. It is always interesting to work with a diverse portfolio of businesses, helping them reach the next milestone."
For more information about the Thames Valley Berkshire Funding Escalator, click here or email philip.greenwood@thefsegroup.com / tel: 07542 609755

Funding London is delighted to announce today that the Greater London Investment Fund’s (GLIF) debt fund manager The FSE Group has been accredited by the British Business Bank as a lender under the Recovery Loan Scheme (RLS). This Government backed scheme is expected to run until 31st December this year. It will allow GLIF’s debt funds to offer further financial support to businesses, as they recover and grow, following the severe impact of the pandemic. The FSE Group, GLIF’s debt funds manager, will be responsible for committing the capital that will be made available under RLS.

Previously under CBILS, GLIF’s debt funds have helped 27 businesses over the course of 11 months. £11.3M has been committed to companies that had suffered a revenue loss or experienced a cashflow disruption due to the Covid-19 outbreak.

Now through RLS, GLIF’s debt funds will provide even more competitive loans from £100,000 to £1m to London’s small businesses. The scheme is designed for businesses that can afford to take out additional debt finance to help them manage cashflow, growth or as an alternative to traditional capital investment.

Maggie Rodriguez-Piza, CEO of Funding London, said: ‘We are delighted that we can now offer loans through our debt funds under the Government’s Recovery Loan Scheme. As we move from lockdown to recovery, we look forward to support as many London based SMEs as possible and bridge the funding gap for those struggling to access finance.

Kala Desai, Head of Funds London at The FSE Group, said: “GLIF’s debt funds are proud to support high growth, innovative SMEs based in London, with growth loans and previously the Government backed CBILS product. Our recent Recovery Loan Scheme accreditation will provide London Investment Managers with an additional means of supporting SMEs as they scale up, facilitating economic growth and recovery as lockdown measures ease.”

Greater London Investment Fund (GLIF) operates as a £100M fund of funds managed by Funding London. It supports economic growth by providing loan and equity finance for London’s SMEs, through its investments in three sub-funds. MMC Ventures manage the equity sub-fund, and The FSE Group manage the two loan sub-funds. The GLIF and its sub-funds were launched in May 2019 by the Mayor of London. It is funded by the European Investment Bank, European Regional Development Fund and Funding London.

For more information, please visit GLIF £55m of debt funding is available, via loans between £100,000 and £1m. To apply click here

Funding London aims to bridge the London funding gap and enable real opportunities for sustainable growth in early and growth-stage companies. Returns generated from our funds are ploughed directly back into the London ecosystem, making investment available to the next generation. For more information, please visit Funding London

The FSE Group (FSE) has been accredited as a lender under the Recovery Loan Scheme (RLS) in the London & The Midlands regions. The RLS is administered by the British Business Bank on behalf of the government and is designed to support access to finance for businesses across the UK as they recover and grow following the coronavirus pandemic. Able to offer loans from £100,000 to £1m to eligible SMEs across London through the Greater London Investment Fund (GLIF) and loans from £100,000 to £1.5m to eligible SMEs in the Midlands through the Midlands Engine Investment Fund (MEIF), FSE aims to strengthen and support businesses as they look to recover and grow.

Being a CIC, the company ethos centres around building relationships with businesses and is key to its more than money approach. This is particularly significant given the strain put on many small and medium companies over the last 18 months.

The Government backed scheme aims to help businesses affected by Covid-19 and can be used for business purposes, including, managing cashflow, investment and growth. It is designed to support businesses that can afford to take out additional finance for these purposes. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme.

Paul Marston, CEO at The FSE Group, commented, “We are incredibly proud to work with SMEs who show such extraordinary resilience including those that have pivoted the business model to adapt.  Our fundamental purpose is Funding Scale-up Enterprises, and the Recovery Loan Scheme allows us to help business move from perhaps survival to now growth.”

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