Birmingham firm Parker Norfolk awarded £1.6m through The Midlands Engine Investment Fund
04 Feb 2021
Parker Norfolk Ltd in Birmingham has secured a funding package of £1.6m through The Midlands Engine Investment Fund.
The firm provides multi-discipline insurance services that offers businesses a range of multi-insurance asset classes across different geographical markets. The funding package from MEIF Maven Debt Finance will enable Parker Norfolk to grow its specialist teams, creating a number of jobs in Birmingham. This recruitment will help the business to expand into new markets.
Chair of Greater Birmingham and Solihull Local Enterprise Partnership, Tim Pile, said: “I am delighted that this investment will lead to job creation for Parker Norfolk in Birmingham. Supporting the Midlands Engine Investment Fund is an important part of our work at GBSLEP as we are committed to opening up funding to local firms and access to finance. The Business, Professional and Financial Services sector is one of GBSLEP’s priority sectors for development in the West Midlands. With the right financial structures in place, we can enable our businesses to grow and thrive as we collectively work towards driving inclusive and sustainable economic growth.”
Alan J Wallace, CEO for Parker Norfolk & Partners Ltd, states: “The funding from MEIF is a most welcome development as we continue to grow our business footprint in the Midlands and beyond. Seen as an ‘engine room’ for certain classes of insurance broking services in which Parker Norfolk specialise, Maven’s involvement allows us to accelerate our growth plans for our Birmingham office and the wider Midlands region - assisting us in the attainment of our goals.”
The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,
The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.