Groovy UK has received a £250,000 loan facility from the Midlands Engine Investment Fund (MEIF), managed by Maven Capital Partners. Groovy develops, wholesales and distributes giftware products, and will use the funding to accelerate the company's growth plans and invest in its product portfolio and licensing agreements.
Groovy has experience in both designing and manufacturing a mix of original products, with clients including Argos and Harrods. The company's in-house design team creates its own collections in line with current trends in film, TV and fashion, and has exclusive UK and European distribution rights via licences with names such as Star Wars, Harry Potter, Marvel and Doctor Who. New licences are currently being finalised.
Groovy is led by a dedicated management team with a broad range of industry expertise. Founder and managing director Monique Scott has 25 years of experience in the gift and gadget sector, and is supported by sales director Tony Lewis who is highly experienced in sales, business development and relationship management. This new round of debt funding is aimed at increasing sales capacity, further improving design quality and innovation and funding vital new administrative and operational roles.
The company was introduced to Maven by K2 Management Solutions, an accountancy firm based in the East Midlands.
David Tindsley, investment manager at Maven, said: “Groovy is a creative and innovative business, led by an extremely passionate and ambitious management team who are excited to drive the business forward. The MEIF Maven Debt Finance loan will enable Groovy to exploit new opportunities and achieve its ambitious growth plan. We look forward to working with the company as it enters its next phase of growth.”
Monique Scott, managing director at Groovy, said: “We are delighted to receive this loan and look forward to investing in our business, offering our customers unique products to help them stand out in the crowd. The MEIF loan funding will enable us to pursue our growth plans, expand our product lines and supply high quality, unique products. This is an exciting time for the business, and we look forward to working with Maven in the coming years.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fun (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank. The funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands.