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Norgrove Building Supplies, based in Kidderminster, has secured a significant investment from the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by Midlands-based venture capital firm Midven.
The well-established business specialises in supplying a wide range of building materials to the construction sector. In 2017, the company was acquired by entrepreneur Jack Norgrove and since then has grown its site capacity and product range.
This investment will support the firm as its launches an e-commerce platform, including a click and collect service. The firm is also aiming to create 30 new jobs over the next three years with a focus on roles in customer service, marketing and procurement.
Norgrove Building Supplies is combining new recruitment with plans to also open further branches across the Midlands, replicating the success of its Worcestershire site.
Jack Norgrove, Managing Director of Norgrove Building Supplies, said: “We are really pleased to have secured the investment from MEIF which will enable us to deliver on our growth plans. Getting to this point has been a journey and we are excited about what the future holds.
“Knowing we have the team at Midven backing us and believing in our vision is amazing and from the initial meeting, I knew the funding team were the right fit for our business. We are looking forward to working with Midven over the coming years, to achieve our goals, create jobs and progress the firm’s growth plans.”
Roger Wood, Midven Director and MEIF Principal, said: “Norgrove is a great example of how people are fundamental to business growth. Through this investment we are backing an extremely entrepreneurial and driven individual who has already delivered significant growth for his business, demonstrating that success can still be achieved in traditional sectors by doing things differently and well. We look forward to working with Jack over the coming years to help achieve his ambitious plans.”
Ryan Cartwright, Senior Manager at the British Business Bank, said: “Norgrove Building Supplies is a well-established business that continues to innovate. With the support of MEIF finance and guidance from Midven, the firm is set to build its e-commerce function and recruit new expertise – it’s great to see the Fund helping businesses like Norgrove to lay solid foundations for future growth and we’d encourage others across the Midlands to consider the finance options available through the MEIF.”
Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: “It is fantastic to see a local organisation receive support from the Midlands Engine Investment Fund. This investment will enable Norgrove Building Supplies to launch an extremely useful e-commerce platform which will help to take its customer experience to the next level whilst also providing more local job opportunities, boosting the local economy as a result.”