Blue Sky Secure Funding for NPA
First deal for Finance Birmingham’s £56m Mezzanine Fund
- More than 30 new jobs to be created in Black Country
A new property maintenance business has launched in the Black Country having been the first company to secure funding from the recently launched £56m Mezzanine Fund, managed by Finance Birmingham.
Blue Sky Corporate Finance assisted Nationwide Property Assistance Limited (NPA) with sourcing and securing funding for a management buy-out that will enable the business to further expand. The funding from Finance Birmingham’s Mezzanine Fund, will create an additional 30+ new jobs in the Black Country whilst safeguarding a further five jobs across the company.
NPA provides a nationwide 24/7 property maintenance service to some of the UK’s leading property builders and housing associations from its call centre in Oldbury. NPA clients are assured of a quick response, high standard maintenance service that provides them with more flexibility within their business by removing the day-to-day worries associated with fulfilling warranty obligated maintenance repairs.
NPA is the first to take advantage of Finance Birmingham’s £56m Mezzanine Fund, which was unveiled in June. The Mezzanine Fund, supported by the Government’s Regional Growth Fund, is the largest individual growth capital fund for SMEs in the West Midlands. Finance Birmingham expects the fund to create or safeguard more than 5,000 jobs by helping more than 40 West Midlands businesses. Businesses can apply for loans of between £250,000 and £2m to fund development and growth plans.
Graham Mold, Investment Director, Finance Birmingham said:
“Housebuilding grew at its strongest rate for more than a decade in July, and demand for NPA’s services will grow with this expanding market. Given the experience of the team and their commitment to outstanding customer service, we are confident that the business will go from strength to strength.
“As the first to draw on the Mezzanine Fund, this deal demonstrates how we can help businesses realise their ambitions and we are keen to hear from more.”
Paul Heaven, Managing Director, Blue Sky Corporate Finance, commented:
“Through our close working relationship with Finance Birmingham we were able to secure the funding required by NPA. We are delighted to have supported NPA through the entire funding process and to have worked with their dedicated management team to enable them to continue with their business investment in the region. On an ongoing basis we will provide non-executive, accountancy, bookkeeping and payroll services.”
Nick Haycock, Managing Director, NPA, stated:
“Blue Sky provided invaluable advice and support through the funding process which in turn will allow us to proceed with our endeavours to grow the business, employ more staff and to deliver high service levels to our clients.
“Business owners are put under increasing pressure and having the right external, unbiased, financial guidance from the likes of Blue Sky Corporate Finance can make such a difference.
“Likewise, I was impressed with the efficient delivery and professional approach from Finance Birmingham, and a flexible funding package which suited our needs.”
Legal advice was provided to the NPA Management team by The Wilkes Partnership; Finance Birmingham by Freeth Cartwright and the vendors by Pinsent Masons.