Ensign Communications secures £400K growth funding package
Warwickshire-based Ensign Communications, which specialises in providing bespoke managed IT and analytic solutions, has secured a £400,000 loan which will enable the creation 16 jobs within the next three years.
Ensign Communications secured 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 funding will also allow the business to deliver its continued growth plan, retaining its current staff level to facilitate the delivery of new contracts and service existing ones as the UK comes out of lockdown.
Ensign Communications provides bespoke managed IT and analytic solutions, helping businesses to use technology more effectively by integrating a wide range of technology into the clients IT network, helping them to optimise performance and improve productivity.
Simon Payne, CEO of Ensign Communications, said: “COVID-19 has highlighted the need for businesses to have secure and robust networks for their staff to work on at any time and from any location. Ensign Communications is in an excellent position to take advantage of this opportunity.
“Not only will this funding enable us to maintain our current workforce to service existing clients, but it will also allow us to expand our team and increase capacity to strengthen the delivery of future contracts, which will in turn help them to optimise their own business environments.”
Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Simon and his Ensign Communications team have a strong sales pipeline and a loyal client base whose brands are well-known and come from a wide range of sectors.
"The growing complexity of technology means more and more businesses are outsourcing their IT requirements and digital strategies to companies like Ensign Communications.
“With over 35 years’ experience in managing these complex networking solutions, the business is well positioned to win more business and achieve its growth plans. We look forward to seeing these plans evolve.”
Ryan Cartwright, Senior Manager, UK Network at the British Business Bank, said: “This MEIF loan, backed by CBILS, will support Ensign’s current operations and expand its team. I would recommend any businesses in the Coventry and Warwickshire area looking to facilitate growth, to consider the MEIF funding options available to them.”
Sean Farnell, board director at Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “Supporting innovative small and medium-sized businesses is the cornerstone of CWLEP’s Strategic Reset Framework as we help to lay the foundations to boost the economy post-Covid. Ensign Communications is a perfect example of a business that is making the most of opportunities which have come its way and it is fantastic news that the firm will be recruiting more staff in the near future.”
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 Bank 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 £1.5million to help growing SMEs across the region.
