Finance Birmingham invests £1m in Goodfish

Goodfish received the funding from Finance Birmingham's £56m mezzanine fund, as well as from the UK government's £9m Regional Growth Fund programme.

ABN Amro has also provided additional acquisition finance and working capital to Goodfish as part of the funding round.

The merger of Goodfish and Powell & Harber is expected to create five new jobs at the newly-enlarged entity, which collectively employs 70 people in total at the moment.

It will also enable Goodfish to begin taking on larger clients such as original equipment manufacturers and tier 1 automotive suppliers.

In June last year, Finance Birmingham announced its £56m mezzanine fund, which was created to support Midlands-based SMEs.

The vehicle was established by the Greater Birmingham & Solihull Local Enterprise Partnership (LEP), the Black Country LEP and the West Midlands Pension Fund, as well as the UK government's Regional Growth Fund.

Company
Based in Cannock in Staffordshire, Goodfish (formerly known as Hi-Spec Precision Toolmakers) is a tool-making and injection moulding company. It employs 30 staff and is active in the US, Ireland, Portugal, Hungary, Poland and the UK.

Founded in 1979 and headquartered in Worcester, Powell & Harber is a manufacturer of tools and plastic injection moulding that employs 40 staff.

Both companies serve the automotive, medical, aerospace, defence and leisure sports sectors.

People
Greg McDonald is the managing director of Goodfish. Ian Fairclough is an investment director at Finance Birmingham.

Advisers
Company – Intelligent Corporate Finance, Steve Thornhill (Corporate finance); Keelys (Legal); Freeths (Legal).

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• Topics
• UK / Ireland
• Portfolio management
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• Mezzanine