Firms urged to explore a funding option that could power their businesses to the next level.
The success of a Grimsby firm in securing a £1.5-million investment to continue its charge into the overseas market highlights the support that local businesses can receive from the Northern Powerhouse Investment Fund (NPIF).
And, says legal expert Adam Ottley, news of this latest boost for business on the South Bank, may serve as a prompt for other firms to explore NPIF as a possible funding route. NPIF exists to deploy funding between £50,000 and £2m to businesses within the North West, Yorkshire, Humber and Tees Valley regions.
Adam, a senior solicitor within the corporate and commercial team at Wilkin Chapman solicitors, assisted with the professional services work as the finance was secured by Grimsby-based Fast-Form Systems Limited.
The investment from NPIF – Maven Equity Finance, which is managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund has created 11 new jobs as the firm looks to exploit growth opportunities in the US.
NPIF is one of two British Business Bank-led regional funds that are currently operating across the Humber and Lincolnshire regions with funding options designed to plug a market gap in the provision of commercially available finance. The other is the Midlands Engine Investment Fund (MEIF). Due to North and North East Lincolnshire’s geographical position and relationships with the respective LEPs, businesses in these two areas can seek to secure investment from either.
This is the second such investment that Adam and the Wilkin Chapman team has been involved with in recent months – the other being an investment of a similar amount involving a Lincoln firm and the MEIF.
“It is clear from the two business that we have worked with, such funding is accessible and offers realistic options for those businesspeople who have solid businesses and need to attract more investment to push forward,” said Adam.
In the case of Fast-Form, Adam provided the professional services required to ensure appropriate measures and safeguards were in place prior to any release of the funds. The innovative company, led by Tony White, worked with Adam throughout the process. His company produces formwork products that hold concrete in place during a pour on build and are reusable, portable and easy to assemble.
Tony said: “This latest investment represents our next step in the growth of the business in the UK, and also in our growing export markets. In securing this important funding, it was always our intention to include the services of other local organisations, where possible, and our working relationship with Wilkin Chapman is proof of that regional partnership working.”
The Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund projects are 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.