149 jobs created or saved by innovative support scheme
"The Duplex Investment Fund has made a significant difference."
Nearly 150 jobs have been created or saved by an innovative scheme funded by Warwickshire County Council which was launched to help businesses in Coventry and Warwickshire find the investment they need to grow.
The Duplex Investment Fund, which was introduced in 2019, is a combined grant and loan initiative jointly managed by Coventry and Warwickshire Local Enterprise Partnership (CWLEP), the Coventry & Warwickshire Reinvestment Trust (CWRT), Warwickshire County Council, Coventry City Council and the Midlands Engine.
The project is funded by £3.9 million of grants from the Government’s Local Growth Fund and the Growing Places Fund, distributed and managed by CWLEP. Warwickshire County Council and Coventry City Council have both invested a further £2 million in the scheme managed by CWRT.
CWRT has supported 26 businesses throughout Coventry and Warwickshire which has led to 149 jobs being created or saved.
They have also lent £1,786,698 and have issued £536,936 in grants to businesses across the area - ranging from commercial outdoor furniture specialist Woodberry in Leamington, to landscape, maintenance and restoration firm Ventureserve Limited in Coventry.
Warwickshire-based Beer & Coffee Company group, Pugs Pubs received £75,000 from the Duplex Investment Fund after investing £160,000 itself to open its fourth pub, the Lazy Pug, which has five ensuite bedrooms, a restaurant and coffee house in Shipston-on-Stour. The funding from Duplex has also enabled the creation of 18 jobs.
Matt Crowther, Director at Pugs Pubs, said: “The Duplex Investment Fund has made a significant difference since we wouldn’t have been able to open the Lazy Pug without it.
“Having the loan and grant meant we could refurbish the entire pub and kitchen as well as create five rooms and business is going really well. Bookings for the summer are looking really good and business has grown slowly but steadily.”
Sheridan Sulskis, Chief Executive at CWRT, said the feedback from businesses who had been helped by the Duplex Investment Fund has been really positive.
“The loans and grants that CWRT have issued to businesses in a wide range of sectors throughout Coventry and Warwickshire has reached over £2.3 million which underlines the success of this innovative scheme,” she said.
“Pugs Pubs is a perfect examples of a businesses which has grown due to this funding being available and they are creating jobs which boosts our economy and encourages innovation.”
Warwickshire County Council leader Cllr Izzi Seccombe said: "The Duplex Investment Scheme is a great example of organisations working together to provide the most effective and timely help to small businesses. I am delighted that so many businesses have been supported and so many jobs created or saved by the scheme which is an integral part of the County Council's ongoing commitment to support small businesses throughout Warwickshire in every way we can."
Businesses wanting to find out more about the Duplex Investment Fund can contact CWRT on 02476 551 777 or at www.cwrt.uk.com/duplex or www.cwrt.uk.com