A specialist highways drainage contractor has raised £3.9m from the Midlands Engine Investment Fund II, through the appointed fund manager Mercia Ventures.
The funding will enable Crown Plus to invest in new equipment and take on bigger projects. The Telford-based company provides a complete highways drainage service from detailed defect surveys to remediation and renewal. It has an exclusive contract to carry out surveys and testing across the Midlands and South West on behalf of National Highways, and uses the latest CCTV and surveying equipment to digitally map the condition of infrastructure.
Crown Plus was founded in 2015 by Paul Conner and Gary Price, who both had a background in civil engineering. The company, which has almost tripled its turnover in the past three years, currently employs over 50 staff and expects to double that by 2030.
Crown Plus has developed its own range of equipment for the refurbishment of filter drains – gravel-filled drainage systems that need regular maintenance. Its most recent innovation, the VERGEBlaster, carries out the work at lower cost than traditional methods. Instead of removing and replacing the gravel, it extracts weeds and cleans it on site, which also reduces the amount of waste sent to landfill.
Paul Conner, Director and co-founder, said: “Crown Plus has a solid industry reputation but we have now reached a pivotal point where we need to invest in new equipment to exploit the opportunities ahead. This funding will enable us to implement our five-year vision for expansion. We look forward to working with Mercia and the British Business Bank as we embark on this new chapter of growth and development.”
Beth Bannister, Senior Investment Manager at the British Business Bank, said: “The Midlands Engine Investment Fund II was established to provide funding to smaller businesses across the region. Almost a year after the fund’s launch, it is great to see Crown Plus, a Telford-based business, secure this equity investment. It highlights the fund’s commitment to support growing and ambitious local businesses across the whole of the Midlands.”
Rafael Joseph of Mercia Ventures adds: “Paul and Gary have built a great business with some unique capabilities that set it apart from competitors. Their ability to provide a complete service is also attractive to clients as it removes the need for multiple contractors and reduces costs. The company has been growing steadily and wants that to continue but is now being held back by its limited resources. The funding will unlock its growth potential and open up new horizons.”
James Thomas of Azets provided fundraising advice to the company. James Skivington, Alex O’Donoughue and Miranda Foy provided legal advice to Mercia while CG Professional provided legal advice to Crown Plus.