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Wed March 03 2021

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Kidderminster builders' merchant secures backing for expansion

17 Jul 20 The owner of a Worcestershire builders’ merchant business has sold an unspecified minority stake to venture capitalists for an unspecified sum.

Jack Norgrove
Jack Norgrove

Norgrove Building Supplies was established just three years ago when Jack Norgrove, then aged 31, bought Pro Plas PVC Centre in Kidderminster and changed its name.

He has now sold a stake of more than 25% but less than 50% to the Midlands Engine Investment Fund (MEIF) Equity Finance Fund, managed by Midlands-based venture capital firm Midven.

Norgrove Building Supplies has plans to open further branches across the Midlands.  The firm is also aiming to create 30 new jobs over the next three years with a focus on roles in customer service, marketing and procurement. It is also developing an e-commerce platform, including a click and collect service.

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Managing director Jack Norgrove said: “We are really pleased to have secured the investment from MEIF which will enable us to deliver on our growth plans. Getting to this point has been a journey and we are excited about what the future holds.

“Knowing we have the team at Midven backing us and believing in our vision is amazing and from the initial meeting, I knew the funding team were the right fit for our business. We are looking forward to working with Midven over the coming years, to achieve our goals, create jobs and progress the firm’s growth plans.”

Midven director and MEIF principal Roger Wood said: "Norgrove is a great example of how people are fundamental to business growth. Through this investment we are backing an extremely entrepreneurial and driven individual who has already delivered significant growth for his business, demonstrating that success can still be achieved in traditional sectors by doing things differently and well. We look forward to working with Jack over the coming years to help achieve his ambitious plans."

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MPU
MPU

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