Six figure funding makes growth a reality for Telford tech hire company

Six figure funding makes growth a reality for Telford tech hire company
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Published: October 11th, 2019

A
Telford-based audio-visual hire company has secured £100,000 from
the Midlands Engine Investment Fund (MEIF).

Blue
Hire
, which supplies equipment to the likes of ASOS, eBay, Nike and
Budweiser, has secured this investment from BCRS Business Loans,
which manages the WM Small Business Loans fund for the MEIF. Blue
Hire has used this investment to create new jobs and move into a
larger warehouse – increasing capacity and supporting its growth.

Steven
Klein, Managing Director of Blue Hire, said:

"Technology
doesn’t stand still; it’s constantly evolving, which means our
company needs to as well. We used the business loan to purchase new,
state-of-the-art equipment and move into a larger warehouse in
Telford.

"The
company has grown year-on-year since its inception in 2016 as
technology continues to be an excellent way of engaging people at
events and exhibitions. Our expansion means that we have more
equipment available to rent to meet the needs of our growing customer
base.

"Blue
Hire rent out audio-visual, video wall, virtual reality and gaming
equipment to a variety of customers in the UK and abroad."

Tracy
Sherratt, Business Development Manager at BCRS Business Loans, said:

"We
are delighted to have supported Blue Hire which means it is now able
to achieve exciting growth plans in an ever-expanding sector.

"We
believe that no viable business should go unsupported and, as a
relationship-based lender of impact, we understand how important
companies such as Blue Hire are for the prosperity of our local
economy and for creating employment opportunities."

Ryan
Cartwright, Senior Manager at the British Business Bank, said:

"It’s
good to see how MEIF investment is supporting growth, with new job
creation and increased capacity as the firm move to larger premises.
We look forward to watching the firm build on its success moving
forward and would encourage other smaller businesses in the region
looking to grow to consider the options available through the MEIF."

Paul
Hinkins,
chairman
of the Marches Growth Hub that supports MEIF in the region
,
said:

"The
growth of businesses, especially those in sectors like technology,
underpins the economic prosperity of the region as a whole so it is
vital that companies like Blue Hire can access the funding they need
to build a sustainable future.

"It
is very pleasing to hear about this success story in the heart of the
Marches."

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. 

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