A Stourbridge husband and wife team have secured the acquisition of a wire mesh business after receiving joint funding from business lending specialists BCRS Business Loans and UKSE.
Cameron and Elizabeth Wakeman acquired Midland Wire Mesh Ltd following a joint funding package of £175,000 from BCRS Business Loans and UKSE.
Established in 1975, Midland Wire Mesh Ltd, based on Lodgefield Road in Halesowen are industrial wire mesh manufacturers serving a multitude of sectors including construction, gardening, drainage, and the pet industry.
Owners Cameron and Elizabeth Wakeman decided to take over the business when original owners David and Debbie Walters were looking to retire.
As a result of the acquisition, Midland Wire Mesh hope to create an additional three roles, diversify the in-house services they provide to include welding and invest in new machinery.
Cameron has more than 14 years of sales, marketing, and management experience of the metal industry, in businesses including Midtherm, Servosteel and Intec Laser Services.
A phlebotomist at Guest Hospital NHS in Dudley, Elizabeth will be responsible for the company’s finance and business marketing.
Rather than obtain funding from mainstream lenders, Midland Wire Mesh was introduced to UKSE by Birmingham based Central Business Finance.
Central Business Finance are commercial finance brokers based in St Pauls Square, Birmingham – helping SME’s with a full range of commercial finance products and grant funding.
BCRS Business Loans provides funding to West Midlands [KM1] businesses that may not be able to access finance from traditional lenders. Businesses can secure loans from between £10,000 and £150,000 from BCRS Business Loans to support growth and recovery plans.
Providing strategic loan and equity packages of up to £1m to generate growth, UKSE’s West Midlands team create local job opportunities and bolster the economy by supporting SMEs across Birmingham, the Black Country, Coventry, Staffordshire and Shropshire.
Welcoming the investment, Midland Wire Mesh Owner Cameron Wakeman commented: “Myself and Elizabeth have always wanted to run our own business and when the opportunity came about, we were keen to make it happen.
“I have always worked in the metal industry in various roles from shop floor, operating machinery to sales and management roles so I’m looking forward to applying my skills and knowledge to Midland Wire Mesh Ltd.
“Our aim is to grow the business over the next 12 months and focus on diversifying into new markets including racking, pet care, safety and architectural.”
Owner Elizabeth Wakeman added: “The process with BCRS Business Loans and UKSE was very smooth. From the first meeting we had, the team really believed in us, and we feel like it has been a personal relationship where we have been supported every step of the way.
“We would like to thank the outgoing owners David and Debbie Walters for their support throughout this process. We wish them a very happy and healthy retirement.”
BCRS Business Loans Senior Business Development Manager Lynn Wyke commented: “We are delighted to have been able to deliver the funding Cameron and Elizabeth needed to secure the purchase of Midland Wire Mesh Ltd.
“As a lender that delivers funding for social and economic impact, it is great news that the funding will generate new jobs and enable the company to innovate.”
UKSE Regional Executive Mike Lowe added: “Midland Wire Mesh are a great example of a Midlands manufacturing business looking to grow through investment and innovation.
“Cameron and Elizabeth were a pleasure to work with and we wish them all the success as they grow and develop the business.”
Central Business Finance Director Steve Harris said: “I am thrilled to have been able to assist Cameron and Elizabeth to source suitable finance. Businesses like Midland Wire Mesh are a perfect example of where we can add value by opening up opportunities for the business to grow and prosper.”
Since BCRS Business Loans was founded in 2002, it has provided loans worth more than £85 million to businesses. A social impact report for the last financial year showed BCRS lent £6.5m to 72 businesses, safeguarding 999 jobs and creating 473 roles, adding £33.7m in value to the economy of the West Midlands and surrounding regions.
UKSE supports the local economy by making equity investments, ensuring management stays in control of the business and offers a flexible exit policy. Unsecured loans up to £200,000 are also available, often without the need for personal guarantees.
To date, UKSE has invested over £115m, supporting 8,000 businesses, stimulating the creation of an estimated 83,000 new jobs.
