Gift Focus - Jul/Aug 2019 (Issue 114)

10 GROOVY UK RECEIVES £250,000 GROWTH LOAN FROM MEIF MAVEN DEBT FINANCE Groovy UK recently 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 trends in film, TV and fashion, and has exclusive UK and European distribution rights via licences with names such as S tar Wars, Harry Potter, Marvel and Doctor Who. 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 added: “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. REX LONDON WINS A QUEEN’S AWARD FOR INTERNATIONAL TRADE Now in its 53 rd year, the Queen’s Awards for Enterprise is one of the most prestigious and recognisable accolades in the country. Rex London has been recognised with the award for International Trade following six years of continuous growth in overseas sales. Rex London began in 1981 in London’s Portobello Market and now employs more than 70 people. The company has grown into a major international wholesaler of home and giftware, offering a range of more than 2,500 products to retailers worldwide. Spanning homeware and gift items, 95 per cent of the products Rex London carries use the company’s prints, designed in-house. Exports for Rex London have risen 250 per cent since 2012. Sales director Nigel Biggs attributed this success to staying connected with international customers. Nigel said: “We take a global outlook when it comes to trade; our websites are fully translated into French and German, we attend multiple international trade shows each year and have recently established a physical presence in the Netherlands and Belgium, from which we sell direct to local retailers.” Rex London also announced plans to expand in Europe and set up distribution arrangements in Canada, Australia, New Zealand and Japan. The company exports to more than 70 countries, supplying small independent shops, museums and large department stores. Celebrations will take place at a royal reception for Queen’s Award winners in the summer, and the company will use the award emblem for the next five years.