MEIF Maven Debt Finance: Flexible funding packages tailored to fuel your growth plan
March 12, 2019
ABOUT ON LOGISTICS
Founded in 2004, On Logistics was established to provide third-party logistics (3PL) to customers across various sectors. The business has grown year-on-year since inception, diversifying its supply chain offering to support other dynamic sectors through added-value logistics and packaging services.
It now delivers its logistical services via three distinctive brands which are On Logistics Aerospace, On Logistics Distribution and Fulfilment and On Logistics Nursery.
Backed by a highly experienced senior management team, the business is also chaired by Lord Digby Jones, the former Director General at the Confederation of British Industry and Minister of State for Trade and Investment.
The concept of 3PL has grown to become one of the largest sub-sectors of the global logistics industry. Implementing a five-year growth plan, On Logistics approached Maven to raise funding to roll-out their in-house developed innovative Warehouse Management System and upgrade its IT systems to unlock further efficiency through bar-coding, electronic tagging and satellite tracking of vehicles. OL was a great fit candidate for the MEIF Maven Debt Fund, the business had an established track record of profitable trading and were seeking funding to accelerate its growth plans.
Growth and expansion
Since securing £350,000 through the MEIF Maven Debt Fund, On Logistics have successfully opened a new aerospace centre of excellence within the Elmdon Trading Estate in support of large international aerospace customers such as Rolls Royce and Collins Aerospace.
Their new facilities allow them to:
- Provide an overspill facility for aerospace customers
- On hand predicted and emergency packaging
- Process activity such as kitting
- Test rig storage
Longer term, the business will create 14 new jobs at its Tamworth-based headquarters and new 20,000 sq. ft. facility at the Elmdon Trading Estate. Funding will also fuel the company’s plans to enter new markets and grow its customer reach via its three distinctive brands.
MEIF will support a recruitment drive to grow the company’s headcount by 33% over the next two years.
“For On Logistics, this is a huge endorsement of our capability and how a local SME can add regional value to supply chains with International reach. The valued and timely investment means we are now positioned to provide a lean and agile just-in-time supply chain that is strategically positioned within 1 mile of each production facility. Overtime, this means more staff and more wealth creation to our region. Our experience with the local Maven team was seamless, where a dedicated investment manager worked with us to make sure the process was as efficient and quick as possible. We look forward to the next couple of years as we embark on our exciting expansion plans.”
- Nick Bennett, MD of On Logistics
Could MEIF Maven Debt Finance help fund your growth journey?
If you’re running a business that’s looking to grow, we’d love to hear from you. Feel free to give us a call to find out more about our flexible funding solutions:
0121 231 7125 Birmingham
0115 697 6160 Nottingham
In order to be eligible for a MEIF loan a business:
- Must have a material part of its operations or trading based in the Midlands.
- Will be required to meet a number of funding criteria, including a propensity to create jobs
- Have fewer than 250 full-time equivalent employees
- Have turnover of less than €42m per annum