3 December 2004 – Tamworth (UK): Birmingham venture capitalist Midven has injected an extra £200,000 ($385,000) into specialist OP wholesaling business The Stationery Channel, only a year after providing initial funding to the start up.
In October 2003 Midven put in money from the Advantage Growth Fund to the sum of £250,000, its original limit, for a minor stake in the Tamworth-based company.
Paul Ainsworth, investment manager of Midven, said: "We have seen outstanding progress since the first investment was made, 12 months ago, with a sales growth of 20 per cent month-on-month having being achieved, together with an expansion of the product range, which now extends to more than 7,500 items."
One of The Stationery Channel’s directors Alan Hickman said the management team, which still owns around 60 per cent of the share capital, was delighted by the way that Midven so swiftly and efficiently participated in the second round of funding.
