Nearly 150 jobs created and saved by an innovative scheme in C&W
Nearly 150 jobs have been created and saved by an innovative scheme which was launched to help businesses in Coventry and Warwickshire find the investment they need to grow.
The Duplex Investment Fund, which was introduced in 2019, is a combined grant and loan initiative jointly managed by Coventry and Warwickshire Local Enterprise Partnership (CWLEP), the Coventry & Warwickshire Reinvestment Trust (CWRT), Warwickshire County Council, Coventry City Council and the Midlands Engine.
The project is being funded by £3.9 million of grants from the Government’s Local Growth Fund and the Growing Places Fund, distributed and managed by CWLEP. Warwickshire County Council and Coventry City Council have both invested a further £2 million in the scheme managed by CWRT.
CWRT has supported 26 businesses throughout Coventry and Warwickshire which has led to 149 jobs being created and saved.
They have also lent £1,786,698 and have issued £536,936 in grants to businesses across the area - ranging from commercial outdoor furniture specialist Woodberry in Leamington, to landscape, maintenance and restoration firm Ventureserve Limited in Coventry.
Another Duplex benefactor, Surf and Slice used its £30,000 funding from the Duplex Investment Fund to open a restaurant on Earlsdon high street, Coventry, after starting the business in 2019 with a mobile wood-fired pizza trailer.
Owner Tom Capell said: “It was essential to receive the Duplex funding because without it we would have had to find finance from a bank or a personal loan.
“We used it to buy the ovens, tables and chairs as well as fit-out the kitchen and we only open on Fridays, Saturdays and Sundays but it is usually a full house on those days. The mobile side of the business is still going really well – we have bookings every weekend until September.”
Warwickshire-based Beer & Coffee Company group, Pugs Pubs received £75,000 from the Duplex Investment Fund after investing £160,000 itself to open its fourth pub which has five ensuite bedrooms, a restaurant and coffee house Shipston-on-Stour called the Lazy Pug. The funding from Duplex has also enabled the creation of 18 jobs.
Matt Crowther, Director at Pugs Pubs, found out about the Duplex Investment Fund from Martin Nwangwa at the CWLEP Growth Hub.
“The Duplex Investment Fund has made a significant difference since we wouldn’t have been able to open the Lazy Pug without it,” he said.
“Having the loan and grant meant we could refurbish the entire pub and kitchen as well as create five rooms and business is going really well. Bookings for the summer are looking really good and business has grown slowly but steadily.”
Sheridan Sulskis, Chief Executive at CWRT, said the feedback from businesses who had been helped by the Duplex Investment Fund has been really positive.
“The loans and grants that CWRT have issued to businesses in a wide range of sectors throughout Coventry and Warwickshire has reached over £2.3 million which underlines the success of this innovative scheme,” she said.
“Surf and Slice and Pugs Pubs are perfect examples of businesses that have grown due to this funding being available and they are creating jobs which boosts our economy and encourages innovation.”
Businesses wanting to find out more about the Duplex Investment Fund can contact CWRT on 02476 551 777 or at www.cwrt.uk.com/duplex or www.cwrt.uk.com
