NPIF invests £150,000 in Grimsby-based mechanical supplier
The Northern Powerhouse Investment Fund (NPIF), has invested £150,000 to support ProGen Services Limited as it seeks to recruit new staff.
Founded in 2014, the Grimsby-based company is an industrial and commercial electrical and mechanical contractor. Progen provides fully integrated mechanical, electrical, instrumentation, control and automation (MEICA) turnkey operations across the UK.
The £150,000 funding will enable the creation of at least 10 new jobs, including a new apprenticeship programme. The investment will also be used to scale up the business by acquiring new customers.
The investment was made by NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Jodi Spurrell, managing director at ProGen said: “Our business is on an upward trajectory, but in order to reach the next phase of growth, we needed the support of a financial partner. Paul and the team at NPIF have offered invaluable support, and with this new line of funding, we are in a position where we can take Progen to the next level.”
Paul Arthur, investment manager at Mercia said: “I have been impressed with the growth that ProGen has achieved since it was established just five years ago; it is testament to the hard work of Jodi and the ProGen team. I am delighted to have worked closely with Steve Parker from the Humber LEP Growth Hub to provide a firm financial foundation that will allow the company to achieve its ambitions”
Grant Peggie at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to support the Humber’s growth potential by supporting small growing businesses with vital investment.”
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.