Nationwide Property Assistance, a new property maintenance business, has launched in the Black Country - the first company to secure funding from the recently-launched £56 million Mezzanine Fund managed by Finance Birmingham.

Birmingham-based Blue Sky Corporate Finance assisted Nationwide (NPA) with sourcing and securing funding for a management buyout that will enable the business to grow.

The funding from Finance Birmingham’s Mezzanine Fund is expected to create more than 30 jobs in the Black Country whilst safeguarding a further five jobs across the company.

NPA provides a nationwide 24/7 property maintenance service to property builders and housing associations from its call centre in Oldbury. 

It is the first firm to take advantage of Finance Birmingham’s £56 million Mezzanine Fund, which was unveiled in June.

The Mezzanine Fund, supported by the Government’s Regional Growth Fund, is the largest individual growth capital fund for SMEs in the West Midlands.

Finance Birmingham says it expects the fund to create or safeguard more than 5,000 jobs by helping more than 40 West Midlands businesses.

Businesses can apply for loans of between £250,000 and £2 million to fund development and growth plans.

Graham Mold, investment director, Finance Birmingham, said: “Housebuilding grew at its strongest rate for more than a decade in July, and demand for NPA’s services will grow with this expanding market.

“Given the experience of the team and their commitment to outstanding customer service, we are confident that the business will go from strength to strength.

“As the first to draw on the Mezzanine Fund, this deal demonstrates how we can help businesses realise their ambitions and we are keen to hear from more.”

Legal advice was provided to the NPA management team by the Wilkes Partnership, Finance Birmingham by Freeth Cartwright and the vendors by Pinsent Masons.