The funding was on behalf of the Capital for Enterprise Fund which was established by the Government to financially support sound businesses with existing cashflows and genuine growth potential but which are currently unable to access the Bank funding they need.

Richard Hale, Group Managing Director, Deritend Industries said: “The investment provides us with the stability to further develop our business close on the heels of the development of our engineering centre of excellence in West Bromwich and site services business in Ashby.

“Our stated aim is to consolidate our leading position as the outsourced repair and maintenance partner of choice for British business, working closely with a range of sectors including manufacturing, food and beverages and utilities.”

Debra Martin, Corporate Partner at Geldards said: “Deritend Industries Limited is a strong business which now has the financial fire power to support its growth thanks to Maven and the Capital for Enterprise Fund. This type of finance scheme is an extremely effective way for growing businesses to access funding otherwise unavailable from the Banks.”