Nottingham-based Retail Assist has secured a funding package from MEIF Maven Debt Finance which is part of the Midlands Engine Investment Fund and managed by Maven Capital Partners, is aimed at smaller and medium-sized enterprises across the region that have high growth potential.
Retail Assist provides award-winning IT and software solutions to leading brands in the retail and hospitality sectors. Established in 1999, the business offers a full range of managed services, including service desk support, desktop support, full IT outsourcing, cyber security services, retail systems support, project management services, technical services, and operations support. Clients include well-known brands such as Pizza Hut, Morrisons, Ted Baker, Vue Cinemas, and Harvey Nichols.
Retail Assist will use the funding to maximise its opportunities to grow the business further, investing in new services and technologies, reach more clients, and capitalise on additional opportunities with existing retail partners.
The UK retail industry is a significant contributor to the UK economy, employing over 3 million people. Estimates place the total value of last year’s retail sales at more than £420 billion, highlighting the importance of well-integrated and protected IT infrastructure as retail business moves increasingly online. Retailers’ need for experienced IT providers, capable of supporting them to streamline their user experience and fulfil customer demand, will therefore only increase in the long term.
Richard Brighty, Investment Manager for Maven said: “Retail Assist presents a fantastic growth opportunity. Retail Assist have developed a market leading innovative suite of software solutions combined with a large UK team providing development and support services. The business is well positioned to benefit from the upturn in the retail industry following a challenging period during Covid-19. Maven’s investment follows on from additional investment from the Foresight Nottingham Fund, which initially supported the company in 2017.”
Kevin Greathead, Managing Director for Retail Assist, adds: “As a retail and hospitality specialist, Retail Assist has been providing IT managed support services to the retail and hospitality community for over 23 years, now supporting almost 40 established retailers and brands. Our objective is to deliver services through an experienced, UK-based team who are passionate about shifting the dial on user experience. Our relationship with Maven will allow us to invest further to maximise opportunities to grow the business, introduce new technology solutions and reach new customers and markets. We see very exciting times ahead.”
Lewis Stringer, Senior Manager UK Network at the British Business Bank said: “Innovative technology companies, such as Retail Assist, provide essential services for businesses globally. MEIF is committed to supporting such companies and unlocking growth opportunities for them. Other Midlands-based companies with similar potential for scaling should consider the finance options available from MEIF.”
Will Morlidge, Chief Executive at D2N2 Local Enterprise Partnership added: “I’m delighted that Retail Assist is being supported by MEIF. We know that growing the digital capability of all sectors of the economy is vital to promote sustainable economic growth, and the retail sector is no different. We’re investing heavily in digital skills precisely so our area can provide the talent that ambitious businesses such as Retail Assist will need to keep on growing.”
