Green Room has designs on growth
Birmingham-based retail design practice Green Room has secured investment from Finance Birmingham to support its continued expansion. It is the fourth deal completed from the lender's £56m Mezzanine Fund and was worked on by a host of Midlands advisers, including Springboard Corporate Finance, Browne Jacobson and Freeths.
Green Room, headquartered at Fort Dunlop, has grown its revenues and profits year on year since it was founded in 2001 by entrepreneur Richard Ash. It has recently opened a studio in Amsterdam and has another planned this year for London.
The business employs a team of more than 60 staff focusing on designing multi-channel retail experiences for some of the world's biggest brands, including the likes of Nike, The North Face and British Gas.
The investment will be used to fund the company's growth plans, which include the creation of more than 40 additional jobs during the next three years.
As part of the transaction Steve Verrall, who joined Richard Ash in 2009 as non-executive, has increased his investment. He will now take on a broader role as executive chairman with Ash to continue as chief executive.
Verrall is a well-known local businessman, having founded and sold a number of companies including Birmingham-based Sirius Financial Systems. He is also currently chairman of Contract Fire and Security in Sutton Coldfield.
Ash said: "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."
Verrall added: "I am excited to be increasing my involvement with the company. Green Room has an enviable creative team that does some amazing work and has outstanding relationships with its clients, many of whom are global brands."
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.
It is the fourth deal for the £56m Mezzanine Fund, which was unveiled three months ago. The initiative is the largest individual growth capital fund for SMEs in the West Midlands and is supported by the government's Regional Growth Fund.
Simon Ward of Springboard 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 of Finance Birmingham 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."
PIC: (left to right) Richard Ash, Graham Mold, Simon Ward and Steve Verrall