£2m cash injection will fund Deritendís expansion
Deritend has secured a £2m cash injection to fund the expansion of its business. The Wolverhampton-based industrial maintenance, service and repair group has received the funding from the Capital for Enterprise Fund (CfE), a Government initiative aimed at attracting capital for successful UK businesses.
The investment will support Deritend’s growth strategy, which includes developing its energy efficiency consultancy services for industrial customers.
Deritend Industries’ group managing director, Richard Hale, says the investment will underpin the group’s growth strategy. “It provides us with the stability to further develop our business close on the heels of development of our engineering centre of excellence in West Bromwich, and site services business in Ashby,” he explains.
The funding is coming from Maven Capital Partners, which jointly manages the CfE fund. Andrew Ferguson, a partner at Maven, says that “Deritend Industries has an impressive record as a national business introducing innovative value-added services to an impressive blue chip client base. The senior management team have exciting plans for the business and Maven is delighted to be able to provide this investment from the CfE Fund at a critical time in the company’s development.”