Advance Tapes, a manufacturer of specialist adhesive tapes, has taken the next step in its growth journey, securing a large debt investment from the Midlands Engine Investment Fund II.
The independent manufacturer has secured a £500,000 debt investment facilitated by the fund’s appointed fund manager for the East and South East Midlands, Maven Capital Partners (Maven).
Maven previously backed Advance Tapes in 2019, providing £600,000 of funding through the first Midlands Engine Investment Fund (MEIF I), which enabled the business to expand its client base and invest in further product development.
Established in Leicester 60 years ago, Advanced Tapes continues to grow both nationally, in the UK, and internationally, across parts of Europe. This new funding through the Midlands Engine Investment Fund II will provide further working capital for the business, as well as help it expand into new sectors.
The funding will also support the growth of its own branded and white-label specialist adhesive tapes and create new jobs at its manufacturing sites in Leicester.
The Specialty Tapes Market was valued at over $55 billion in 2023 and is estimated to register a CAGR of over 6.5% between 2024 and 2032 (Source: GM Insights).
The £400 million Midlands Engine Investment Fund II was launched in February 2024 and covers the entire Midlands region, providing debt finance from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Kym Ellington, Finance Director at Advance Tapes, said: “Myself and my fellow directors at Advance Tapes are delighted to have gained repeated investment from the British Business Bank’s Midlands Engine Investment Fund.
“I would like to thank Sajid Sabir and the rest of the team at Maven for their hard work and first-class support during this process. The realisation of this working capital will allow us to continue to embed the brand both at home and internationally and provide a platform for growth.”
Sajid Sabir, Investment Manager at Maven, said: “Since we first invested in the business in 2019, Advance Tapes have experienced significant growth, winning a number of key contracts with clients both in the UK and globally.
“We are delighted to be able to support them with additional funding through the Midlands Engine Investment Fund II to help it capitalise on market tailwinds and scale further.”
