Coventry-based living solutions company Modpods receives £250,000 MEIF investment
Modpods International Limited, which specialises in the design and manufacturing of modular pods, has secured £250,000 to help create 125 new positions over the next three years.
The Coventry-based firm received the funding 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 MEIF funding will also support increased factory capabilities and the fulfilment of new contracts.
ModPods International are the leading innovator in designing and building modular housing pods for the public and private sector. The company offers an affordable, fast and simple home in a third of the time when compared with traditional constructions.
The ModPods are built off-site in a factory, then installed and can be ready to occupy the same day. They are made of lightweight steel and can be customised with sustainable, reusable technology as well as having thermal properties to make them an environmentally sensible option.
Pete Farrelly, Founder and CEO of Modpods, said: “I am delighted by how far ModPods has come in such a short space of time, and of the positive effect they are able to have on an area. Our homes are designed specifically to help tackle the national housing shortage and they do this by being fast to build, affordable and brownfield site-friendly. Meaning that they can be used on sites that are often inaccessible for traditional brick-built dwellings.
“They give an important role to often disused areas of land that may have previously been unsightly and offer clients a return on their investment at the same time. We’re very grateful for this latest funding which will enable us to grow the business, bringing more homes to people in need of housing solutions.”
Harriett Saunders, Fund Executive at The FSE Group, which manages the MEIF Debt Finance Fund, added: “Pete and the team at ModPods have over 20 years’ experience in their industry which is evident when you see their exceptionally well-designed homes. The quality of their product is proven by their list of current clients which includes UK Councils, Housing Associations and customers from the private sector. ModPods are a great example of a high growth business that our funds in the Midlands look to support, we wish them all the best for the future.”
Grant Peggie, Director at British Business Bank, said, “MEIF funding provides companies such as ModPods with the tools to further expand their business and continue to create innovative, sustainable products, as well as supporting new jobs in the Midlands. This is another example of how MEIF is supporting small businesses in the region, including those with a focus on sustainability.”
Sean Farnell, Board Director at Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “Encouraging innovation is one of the fundamentals of CWLEP’s Strategic Reset Framework to boost the economy in Coventry and Warwickshire as we recover from the pandemic. ModPods International is a perfect example of an innovative business that is flourishing as well as providing much-needed housing in the area to attract people to live and work here.”
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.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Band on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5 million to help growing SMEs across the region.