A Coventry Business Insurance Company Can Realise Its Ambitious Growth Plans After Finally Being Able To Make The Move To New Headquarters.

Award-winning firm Inspire Insurance has been looking to grow into new premises for over a year but had been forced to freeze its expansion plans because of the terms being offered by banks to buy its own building.

But after a call out on LinkedIn, assistance from alternative funding provider Ludgate Finance and major support from the Coventry and Warwickshire Growth Hub, the company has been able to move to the Cobalt Centre on the Middlemarch Business Park.

It has already seen the company grow from 12 to 16 staff and there is room for further growth at the new property but managing director Leigh Mackey said he couldn’t have done it without the Growth Hub and Ludgate.

He said: “We’d be trying to move by accessing traditional forms of finance for sometime and it was frustrating because I could see the potential for growth and it was really holding us back.

“In the end, I put a posted on LinkedIn asking what other sources of funding were out there and Richard Mason from Ludgate got in touch with me.

“He introduced us to a peer-to-peer lender called Fundingknight and, from there, everything happened very quickly.

“I was then introduced to Jeremy Moore at the Coventry and Warwickshire Growth Hub and that really helped us to make the move.”

Through the Growth Hub, Inspire Insurance managed to secure a £50,000 grant towards the purchase of the building through the European Regional Development Fund (ERDF). The overall investment in the building, including purchase, fit-out and IT, has totalled more than £500,000.

“The fact that we are looking at strong business growth and recruiting new staff meant we were eligible for grant support but the Growth Hub made that whole process really smooth and easy for us,” said Leigh. “The support we have had has made all of this possible and will lead to further new jobs in the future.”

Richard said: “We do have to keep getting the message out there that there are alternative forms of funding for businesses that want to grow.

“In this instance, we found the perfect platform for Inspire Insurance and I am delighted we have been able to assist.”

Jeremy Moore, of the Coventry and Warwickshire Growth Hub, said that it was important for businesses who had hit a funding brick wall to look for help.

He said: “I meet so many companies who feel like they have been banging their head against a wall when it comes to funding.

“We can provide support to businesses of all sizes and sectors on a range of matters and it’s always great to be able help companies achieve their growth ambitions.

“There are many facets to the help we offer and I am speaking to Leigh already about other ways the Growth Hub can support his company’s expansion.”

FundingKnight’s goal is to help British businesses realise their plans by connecting them with its crowd of investors. For Inspire, it was able to provide a bespoke solution which helped fund the property purchase and also provided a business loan to support the company.

Head of Property, Gary Mealing, said: "Inspire is a well-run, growth-oriented company, exactly the sort of opportunity our investor community is looking for. We were very happy to be able to support Leigh's plans for growth."

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Client testimonials

Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

PALACIOS LTD,

It’s been a fantastic inaugural eight months for the TalentTech Recruitment team and, although the reality of setting up and running a company can be a somewhat daunting experience, we have been extremely grateful for the superb help, advice and guidance given to us along our journey by Gavin Barnett and the team at CW Growth Hub. Gavin’s introductions to both Warwick & Coventry Universities and his wider business network have been absolutely invaluable.

TalentTech Recruitment LTD,

For many individuals out there, it is very hard to figure out ways and know which direction to go when it comes to setting up a business. The challenges of taking your idea and bringing it to life and not knowing where to go and who to speak to for advice. it can get very frustrating..

King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

Thank you for the comprehensive and professional guidance

Burbidge & Son Ltd,

Over the years since the Growth Hub was set up we have habitually gone to our Account Manager as a one-stop shop for all business-related information. It has been a really convenient way of finding suppliers, advisors and, on one occasion, we even asked for assistance with finding customers. We are invited to a wide range of business events including business development workshops, Brexit roundtable discussions, seminars on various topics and have also been asked to speak at some events. When we have needed additional information, for example, finding finance sources or help with selecti

Marchantcain Design Limited,

Thanks to CW Growth hub getting us access to grant funding we have been able to invest in the latest computer monitoring system, which will enable us to compete with the national companies within our industry.

Comrie Leisure Limited,