Search British Business Bank
Popular Search placeholder

Midlands Engine Investment Fund II announces investment in Leicestershire-based independent manufacturer

Press release 29 October 2024

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.

Group of 5 people standing in front of Advance branding signpost

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 helping 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.

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 plm for growth. - Kym Ellington Finance Director at Advance Tapes
Seeing businesses who were successfully supported during the first fund return for further funding from the Midlands Engine Investment Fund II is testament to the strength of finance access and business investment in the Midlands. It illustrates perfectly the impact of this latest fund and how access to finance can help businesses at any stage. - David Tindall Senior Investment Manager, at British Business Bank
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. - Sajid Sabir Investment Manager at Maven

Further Information

If you are a journalist and have a media enquiry, please contact [email protected].

Notes to editors

About the Midlands Engine Investment Fund II

Operated by the British Business Bank, the £400 million Midlands Engine Investment Fund II (MEIF II) provides a mix of debt and equity funding. MEIF II offers a range of commercial finance options with small loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support smaller businesses in the Midlands at all stages of their development. 

The funds in which the MEIF II invests are open to businesses with material operations, or planning to open material operations, in the West and East and South East Midlands.

Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

About Maven Capital Partners UK LLP

Maven is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active investors in smaller companies in the UK.

Headquartered in Glasgow, and with offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has over £740 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.

Quick links

Latest news