Trailer manufacturer on the road to international success following cash injection
The Hub News Team | 19.6.18
The investment, made by BCRS Business Loans, the appointed Fund Manager for the MEIF West Midlands Small Business Loans Fund, is to help the 30-year-old family-owned firm bolster its export capacity, as it looks to increase its presence in both European and US markets.
Pivotal to Motiv's expansion plans is a new business strategy that will see the firm step-up its internal manufacturing - expanding its own range of trailers and unlocking profit margins currently restricted by selling other brands.
Speaking on the change in strategy, Tim Hughes, Managing Director, Motiv Trailers Limited, said: "Our aspiration was to grow the business both domestically and internationally; however, to do so, we needed to invest heavily in our own manufacturing capability. Securing the loan from BCRS Business Loans, through the Midlands Engine Investment Fund, was crucial in making this happen."
Underpinned by the MEIF finance and export drive, there has been a period of recruitment for Motiv Trailers - with new additions welcomed to help the existing team meet an increased number of commercial contracts.
Tim Hughes added: "As it stands, our order books are rapidly filling. Since receiving the loan, we have employed two people and still plan to employ another person before the end of the year.
"The whole process was very straightforward and BCRS Business Loans was helpful throughout the application process. I would recommend them to any business in the West Midlands currently unable to secure finance from traditional lenders."
Commenting on the deal completion, Wesley Lovett, Senior Business Development Manager, BCRS Business Loans, said: "We are delighted to have been able to support Motiv Trailers, who demonstrated an excellent vision for the company; centred on increased production of its own manufactured trailers. Not only is Motiv a brilliant company providing employment to local people, but it is also flying the 'Made in Britain' flag to countries across the globe.
"BCRS Business Loans believe that no viable business should go unsupported and, unlike many other lenders, we offer a relationship-based approach to lending to provide hands-on support throughout the application process."
Simon Cunnington, Relationship Manager, British Business Bank, commented: "Helping businesses like Motiv Trailers realise their growth ambitions is a key part of what the Midlands Engine Investment Fund was set-up to do. The business results achieved following external finance can have a significant effect on a firm's bottom line, often serving as the catalyst for continued expansion."
"The British Business Bank is committed to enabling SMEs to access the finance they need to grow, and it's inspiring to see this family-owned firm using MEIF finance to unlock its exporting potential."
Gill Hamer, Director, Marches LEP said: "It's great to see the finance now flowing from the Midlands Engine Investment Fund into the Marches, with this first loan made via BCRS Business Loans.
"We know that a lack of access to finance has been an issue for businesses with growth ambitions, and we're delighted this investment will support Motiv Trailers' new export drive as well as create new jobs. We'd urge other businesses across Herefordshire, Shropshire and Telford & Wrekin to investigate what this £250m fund can do to help them grow and become more productive."
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.