A Stoke-on-Trent-based joinery company has secured a £200,000 funding package to create new jobs and expand its operations.

R&S Tonks secured the finance from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Recovery Loan Scheme (RLS).

The funding will enable the business to retain its current 29 employees and over the next three years strengthen the workforce with the creation of five new positions.

R&S Tonks is a well-established building, joinery and fit out business specialising in the internal and external refurbishment of a diverse range of buildings. The company works on a wide range of projects in both the commercial and private sectors. Previous clients and projects include, universities, train companies, listed building renovations and large tourist attractions.

Robert Tonks, Managing Director of R&S Tonks, said:

“Being a family run business, it was important for us to protect our team during lockdown and the funding has enabled us to achieve this. The pandemic did have some impact on the company by delaying contracts, but these are now being fulfilled. As new jobs are coming through, we have allocated some of the finance to expand the team to meet the current demand without having any detrimental effect on existing projects. Our thanks to the FSE Group for helping us to secure the funding.”

Kerry Haughton,Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, added:

“Robert’s business has been in Staffordshire for over 65 years and the company has a very good reputation with an experienced workforce. As well as existing and new projects, Robert has strong marketing campaigns in place to help him grow his client base and is currently looking to work with new sectors such as farm estates and city councils. These are exciting times for the business and we wish them well with the next stage of their journey.”

Ryan Cartwright, Senior Manager at the British Business Bank, said:

“The MEIF is improving access to finance for SMEs across the Midlands region. This latest round of funding will allow R&S Tonks to take on new contracts and expand its team, with the creation of five new job roles. We encourage other businesses in the Stoke and Staffordshire region to consider MEIF funding for growth.”

Alun Rogers, chair of Stoke-on-Trent & Staffordshire LEP, said:

“It is great to see R&S Tonks securing this investment which will help the business to expand its team and facilitate growth. We’re proud to be working with the Midlands Engine Investment Fund to help support the success of local businesses in Stoke-on-Trent and Staffordshire, which play an important role in our economy and are the lifeblood of our local areas.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme