One of the UK’s oldest companies has secured a new £1 million funding package.
Toye, Kenning & Spencer, which is based in Birmingham’s Jewellery Quarter, manufactures a range of medals, regalia, bespoke jewellery and decorations used in the production of ceremonial uniforms and gowns.
It has agreed a new loan with the Midlands Engine Investment Fund’s Debt Finance arm, managed by private equity house Maven Capital Partners, which will be used to invest in equipment, improve facilities and support growth of the business.
Toye, Kenning & Spencer was founded in 1685 and has held a Royal Warrant to the British Royal Family without interruption since the reign of Queen Victoria.
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Its customers range from the Ministry of Defence to international fashion houses, sporting organisations and local schools and it also has a factory in Bedworth where it produces textiles.
Still a family run firm, the current chief executive is Charles Toye.
He said: “While a historic business, we are set to take on several new initiatives over the coming year.
“We are looking forward to the new opportunities the funding will provide.”
Andy Povey, investment manager at Maven Capital Partner, added: “We are delighted to lend to Toye, a long-established Birmingham business with a rich heritage.
“The business has very clearly defined its niche and is a market leader, boasting a Royal Warrant.
“The company has ambitious plans for the future and we look forward to seeing these unfold.”