Member Article

Warwickshire business upgrades its facilities after funding help

An outdoor activity centre in Warwickshire is zooming into the fast lane after receiving funding to upgrade its facilities – including a Formula 1-standard karting track surface.

Adventure Sports, which marks its 32nd anniversary this summer, offers activities including paintballing, quad biking, archery and karting at its 100-acre site in Wedgnock Lane, Warwick.

The business wanted to improve its karting track after changing its business model from focusing on corporate bookings to encouraging more of the general public to come along. Steve Richardson, the founder of Adventure Sports, contacted the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub, who put him in touch with the Coventry & Warwickshire Reinvestment Trust (CWRT).

They recommended the business should apply to the Duplex Investment Fund, which is a combined grant and loan initiative jointly managed by CWLEP, CWRT, Warwickshire County Council and Coventry City Council.

The project is being 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.

Adventure Sports received £44,000 from the fund to re-surface and extend its karting track so that it can now run an additional four karts, taking the maximum to 12 karts at any one time. New warning lights have also been added to the hi-tech track which is managed by Mr Karting, which was previously based in Leamington.

Steve Richardson, co- director of Adventure Sports with Matt Hill, said the new track will be fully open by the spring.

He said: “We have been running karting here a long time but the surface had started to crack and was uncomfortable for drivers, so we needed to tarmac it. “I found out about the Duplex Investment Fund from Martin Nwangwa at the Growth Hub and he arranged for me to speak to CWRT.

“We have also invested around £15,000 in other materials and labour and we have expanded the track’s size by 50 per cent.

“Previously, our bambino sessions were for children aged eight or above, but we can now include younger children aged six or above. The track itself is the same compound as that used at Silverstone, so everyone will be racing on the same surface as F1 drivers racing in the British Grand Prix! It has made a huge difference.

“I’m very grateful to CWRT for all their help. This has transformed the karting operation and we couldn’t have done it without this funding because it would have been too much of a risk during Covid.”

Sheridan Sulskis, Executive Director at CWRT, said: “The Duplex Investment Fund is making a real difference to businesses in Coventry and Warwickshire, and we are here to guide businesses through the process that combines a loan and a grant in one easy deal.

“Accessing this fund not only helps to give businesses the financial flexibility they need to invest in new projects, but it also helps them to fund existing projects or even diversify, without having to put pressure on their cash flow. Adventure Sports is a perfect example of how they’ve been able to use this investment to improve their facilities which will be felt by the business for years to come.”

Zamurad Hussain, board director at CWLEP, added: “This kind of scheme helps to boost the local economy because it is supporting local businesses with their expansion plans. “Small and medium businesses such as Adventure Sports are the backbone of our economy and by helping them to take the next step to grow, it is securing employment and the improved facilities will mean more people of all ages will have the opportunity to get out in the fresh air and enjoy the activities there.”

Cllr Kam Kaur, Cabinet Portfolio Holder for Economy and Place at Warwickshire County Council and CWLEP board director, said: “This award is further evidence of Warwickshire County Council’s commitment to boosting the local economy, especially by supporting small and medium businesses in this way. It’s great to see local businesses like Adventure Sports benefit from our grant support.

“The Duplex Investment Fund is just one of the many ways that we are creating a vibrant economy in Warwickshire, supporting local businesses with the finance not just to survive, but to grow and secure a sustainable future.”

This was posted in Bdaily's Members' News section by Matt Joyce .