North East facilities management firm secures £400,000 investment

The North East’s largest independent contract cleaning and facilities management business has secured a £400,000 investment to help drive its future growth plans. Maxim Facilities Management Limited (Maxim FM) will use the capital it is receiving from The Finance for Business North East Growth Fund to continue to expand and develop the services it offers to both existing and new clients, and aims to create dozens of new North East jobs in the process. Maxim FM provides commercial contract cleaning and facilities management services to public and private sector clients throughout the UK, and has won major UK-wide contracts this year with a number of blue chip corporate clients, including Paragon UK, Gentoo & Quorn Foods. The Sunderland-based firm worked with regional fund management firm NEL Fund Managers, which administers the Growth Fund, to secure the investment, and was advised on the deal by Newcastle-based Ryecroft Glenton Corporate Finance, alongside Square One Law LLP. Founded by managing director Graham Conway in late 2010, Maxim FM has quickly grown to become a £4m turnover company employing over 400 staff – and Graham is now aiming to turn it into a £15m turnover business in the next five years. He is also developing the firm’s management team through promotions and strategic recruitment to ensure the company has a strong management team in place who can deliver the demanding targets set in its growth plan, with the first appointment being Michael Hall as the company’s finance director. Graham Conway says: “This is an important investment which means we can continue to take the business forward and build on our success to date and bring new jobs to the region.” “For this project we knew that we needed experienced players to advise us throughout, and Ryecroft Glenton Corporate Finance and Square One Law’s timely advice, expertise and commitment were invaluable. Both firms fielded skilled teams that were prepared to go the extra mile to ensure we achieved a successful completion.” “NEL Fund Managers were quick to respond and great to work with. We are delighted that we can now get on with growing the business in existing and new locations, and introducing our range of services to a wider range of sectors.” David Thomas, investment executive at NEL Fund Managers, adds: “Maxim FM has grown swiftly in a very short space of time, and has the potential to achieve a great deal more. Their business plan provided a strong investment opportunity for us and they now have the resources they need in place to execute their impressive development plans.” Carl Swansbury, director of Rycroft Glenton Corporate Finance, says: “We’ve worked closely with the Maxim FM management team for some time now helping them to put together a robust business plan, and now that the investment has been completed, we expect to see Maxim FM continue its progress.” “The company has real growth potential and we are pleased to have been involved in helping them take these key steps towards realising it.” James Bryce corporate partner at Square One Law LLP, who led the team advising Maxim FM, adds: “Maxim FM are a great example of a strong and successful North East company. It was a pleasure to work with them for the first time on this deal and we look forward to seeing their further growth both in the region and across the UK.” Iain Pritty of Bond Dickinson provided legal advice and support to NEL Fund Managers during the investment. Aimed at regional businesses which are at a development and growth stage, the Growth Fund forms part of the wider Finance for Business North East Fund. Managed by North East Finance, it will see £125m of investment capital injected into the region by the European Investment Bank and the European Regional Development Fund 2007-13 over a five year period. NEL is looking to make around 130 investments over the five-year life span of the Growth Fund, and is actively looking to speak to ambitious north east companies with robust business plans. The ERDF 2007-13 programme is bringing over £300m into North East England to support innovation, enterprise and business support. It will help create and safeguard 28,000 new jobs, start 3,000 new businesses and increase the region’s productivity by £1.1bn per annum.