Green Room has designs on growth.
Birmingham-based retail design practice Green Room has secured investment from Finance Birmingham to support its continued expansion.Green Room, which is headquartered at the iconic Fort Dunlop, has recently opened a studio in Amsterdam, and has another planned this year in London.
The business employs a team of over 60, focusing on the design and delivery of multi-channel retail experiences for some of the world’s most respected consumer brands. Key clients include Nike, The North Face and British Gas. The investment will be used to fund the company’s growth plans, which include the creation of over 40 additional jobs during the next three years.
Green Room is one of the region’s success stories, having grown its revenues and profits year on year since it was founded in 2001 by entrepreneur Richard Ash.
As part of the transaction Steve Verrall, who joined Richard in 2009 as Non-Executive, has increased his investment. He will now take on a broader role as Executive Chairman alongside Richard, who will continue in his role as Chief Executive. Verrall is a well-known local businessman, having founded and sold a number of businesses including Birmingham-based Sirius Financial Systems. He is also currently Chairman of Contract Fire and Security based in Sutton Coldfield.
Green Room was advised on the transaction by Springboard Corporate Finance, with a team led by Partner Simon Ward and Assistant Director James Bailey. The Finance Birmingham team comprised Graham Mold and Robert Griffiths. Legal advice to Green Room was provided by Browne Jacobson, with Finance Birmingham advised by Freeths.
This is the fourth deal for the £56 million Mezzanine Fund, which was unveiled just three months ago. The Mezzanine Fund is the largest individual growth capital fund for SMEs in the West Midlands and is supported by the Government’s Regional Growth Fund. Finance Birmingham expects it to help more than 40 West Midlands businesses and create jobs across the region. Businesses can apply for development capital of between £250,000 and £2 million to fund growth plans.
Richard Ash commented: “I am delighted to secure the support of Finance Birmingham. We have already achieved an immense amount in creating a truly global design agency and this investment allows us to embark on the next phase of our journey.”
Simon Ward said: “We are pleased to have been able to deliver this transaction for Green Room. The business is uniquely positioned to deliver further growth with the support of Steve and Finance Birmingham.”
Graham Mold added: “We are excited to be partnering with Richard and Steve in an expanding international business that has been built and grown in Birmingham. We look forward to working with them over the coming years.”