Shropshire-based ex-Formula 1 mechanic set to expand virtual reality business with £100k investment

Our Virtual Academy, which is based near Church Stretton in south Shropshire, has received £97,000 to invest in the production and roll out of Virtual Reality(VR) training experiences for the automotive sector and grow the business.

Funding for the project was received from the Community Investment Enterprise Fund (CIEF) through Wolverhampton-based BCRS Business Loans.

Established in 2016 by former Formula 1 mechanic, Ben Stockton, the online training provider specialises in the production and delivery of online, face to face training and bespoke training videos to assist automotive technicians to repair vehicles.

“We know from speaking to our customers that there is significant interest in VR training, especially for electric vehicles. The investment will enable us to continue to stay at the forefront of training technology associated with the motor industry," said the company's Managing Director Ben Stockton.

“A lot of training is solely focussed on passing tests to achieve a certificate, our approach is to ensure technicians are provided with meaningful work experiences and an understanding of how to be productive and competent at their job.

“BCRS have been great - they take the time to understand the business and their lending decisions are not only based on the numbers but me as an MD and my vision for the business.”

Working with a range of customers from independent mechanics to large garage groups, the company says it will use the money to create and deliver electric vehicle VR experiences to teach theory and practical skills remotely.

“Our Virtual Academy is leading the way in the automotive training industry, and I’m pleased that BCRS Business Loans could provide the funding the business needs to innovate and grow," said BCRS Business Loans senior business development manager Louise Armstrong.

Funded by Lloyds Bank, along with social impact investor Better Society Capital (BSC) and contributions from the three participating CDFIs, BCRS Business Loans, Business Enterprise Fund and Finance for Enterprise, the new £62m CIEF aims to invest in 800 small businesses nationally and support 10,500 jobs. The capital provided will be available to SME’s who are unable to access the finance they need from traditional sources.

The launch of the new CIEF, managed by responsible finance provider Social Investment Scotland (SIS), comes after BCRS Business Loans was appointed as one of the  fund managers for the new £130m Investment Fund for Wales and for the Midlands Engine Investment Fund II, which will deliver a £400m commitment of new funding for businesses across the Midlands.