Cardboard Bedding Ltd, trading as Green Mile, is relocating to Prees in Shropshire after securing £180,000 from the Midlands Engine Investment Fund (MEIF).
The company secured the finance from the Midlands Engine Investment Fund (MEIF) - provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding will also allow the company, which was previously based in Soham, to install two additional production lines to meet the current demand for its equine and animal bedding products, as well as supporting job creation within the business.
Joey Kinnersley established Green Mile in 2012 and began producing cardboard horse bedding which is highly absorbent. The product helps eliminate odours, provides warmth through insulation and is eco-friendly and 100 per cent biodegradable within eight-12 weeks.
Joey said: “We were previously unable to produce enough bedding to meet demand, but this funding will allow us to both relocate and further expand the business. I would like to thank Kerry, from The FSE Group, who supported us throughout the whole process in order to obtain the funding.”
Kerry Haughton, fund manager at The FSE Group, which manages the MEIF Debt Finance Fund, said: “We were really pleased to be able to support this growing business in furthering its expansion plans and facilitate a move back to its Midlands roots. The additional production lines will provide the opportunity for local job creation and we are looking forward to working with Joey, accompanying him on this journey.”
Ryan Cartwright, senior manager at the British Business Bank, said: “The MEIF investment into Cardboard Bedding is enabling the company to relocate back to the Midlands and expand its production capabilities – boosting both the business’s growth, as well as the region’s economy."
Marches LEP Access to Finance champion Paul Kalinauckas said: “This is excellent news for the business and for the Marches regional economy. The LEP works closely with MEIF to ensure a wide range of finance solutions are available to businesses in the region so that companies such as this can expand and create new jobs.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
