Logistics fleet gets investment funding
An ambitious entrepreneur who was left unable to work after a serious injury has transformed an idea into a multi-million pound business venture after securing Northern Powerhouse Investment Fund backing.
Dean Morris [pictured] launched Grimsby-based logistics company Motrans in 2016 when the former electronics engineer found himself unable to work. Dean soon built up a fleet of ten lorries, and was quickly outgrowing the site he had earmarked for his business. He received £25,000 from the alternative lending provider Finance for Enterprise to make the expansion happen.
Today, Dean’s workforce has grown from two members of staff to a company which employs more than 28 employees. The funds from Finance for Enterprise have contributed to the purchase of fourteen additional trucks and a vehicle transporter, as well as renovating the new larger premises.
Dean said: “I set my sights on achieving a seven figure turnover for the business, which would enable me to continue to invest in building the fleet, securing new orders and creating new jobs in the local economy. Although I’d worked as a haulier during my student days, I was keen to engage with someone who knew the industry well.
“Finance for Enterprise made the application process quick, easy, and jargon free, and as a result we have been able to improve and expand the business by purchasing new vehicles and developing providing opportunities.”
Jane Cusse, Investment Manager, Finance for Enterprise said: “Many new business owners are often left stunned when their request for funding is rejected by traditional high street banks. Finance for Enterprise was created to help businesses to secure the vital investments needed to grow, evolve and succeed. This approach not only helps to create new jobs, but ultimately contributes towards building a stronger local and regional economy.”
Finance for Enterprise acts as a joint fund manager with the Business Enterprise Fund for the Northern Powerhouse Investment Fund. Finance for Enterprise also acts as a delivery partner across the Sheffield City Region for Start-up Loans, a Government backed initiative aimed at supporting individuals keen to explore self-employment.
The Northern Powerhouse 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.