The Northern Powerhouse Investment Fund (NPIF) has facilitated £250,000 worth of debt funding to Humber-based engineering firm Allied Protek Engineering Solutions.
Based in Grimsby, Allied Protek is an engineering specialist, providing a full project management package including design, engineering, installation and maintenance for clients in the food, drink, fine chemicals and pharma sectors.
The investment was made by NPIF – Enterprise Ventures Debt Finance, an NPIF product fund-managed by Enterprise Ventures, and will provide Allied Protek with the working capital to support its expansion with new contracts and products, including the development and engineering of environmentally friendly solutions for the food processing and catering industries.
Previously the recipient of a £555,000 RGF Industrial Research Grant through the Humber LEP, Allied Protek have invested heavily in design, prototyping and manufacturing of innovative solutions to enable manufacturers to reduce their waste streams.
Allied Protek is led by managing director Paul Wilson and employs more than 100 staff. On the back of its planned growth, the funding will help the company create 10 new jobs in the Humber area over the course of the loan.
Ian Atkinson, investment manager at Enterprise Ventures, part of Mercia Technologies PLC, said: “We are pleased to support Allied Protek with the development of its innovative technology solutions, particularly as they offer an environmentally friendly alternative to existing problems.
“With this funding, Allied Protek is well-placed to make commercial progress in the food industry, and it is yet another great example of the business potential that can be found within the Humber region.”
Paul Wilson, managing director at Allied Protek, added: “It would be fair to say without the support of the Humber LEP and initiatives such as the Northern Powerhouse Investment Fund we would not have been able to make such rapid progress as a business.
“Initially the R&D support enabled us to develop our solutions build and prove them. Getting the right support has allowed us to create permanent engineering jobs and demonstrate our capacity to innovative environmentally friendly solutions.
Grant Peggie, director at British Business Bank, said: “We are delighted that Enterprise Ventures has completed this deal in the Humber region. As evidenced by Allied Protek, there is a great deal of research and innovation taking place across the business community and this deal will further support the region’s campaign to unlock its potential.
“Some of Allied Protek’s innovative machines are already in the market place undergoing extensive customer trials. This investment will allow the management team to continue its expansion plans and we look forward to the benefits the company’s growth will bring to the Humber.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 Local Enterprise Partnerships (LEPs), the combinedauthorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.