L-R - Eddie Robertson, Andy Traynor, Sue Barnard, Paul Leech and Andy Walker
The Northern Powerhouse Investment Fund, an NPIF product fund managed by FW Capital Limited, has completed its first deal in the Lancashire region with a £250,000 investment in Blackpool-based Omega Product Services.
This marks NPIF’s first investment in Lancashire since it was launched earlier this year with support from the Lancashire Enterprise Partnership.
The LED lighting specialist was set up six years ago and employs nine members of staff. Sales have grown rapidly, and are expected to hit £2.7m this year, thanks to the company’s Prima-Lux brand of LED lighting products, which have proven to be popular in the market.
This new funding will allow the company to take on new sales staff and diversify its range to offer its customers a more extensive line of products.
Paul Leech, joint managing director at Omega Product Services, said: “Obtaining the additional working capital that we needed was vital to enable us to continue to develop our business objectives for the future, working with FW Capital was very straightforward and positive throughout the whole process, the service provided to us by our contact at FW Capital, Andy Traynor was excellent.
“We would highly recommend this route to any Company looking to raise capital for business expansion.’’
Gary Guest, fund manager at FW Capital, said: “We’re delighted to be supporting Omega Product Services with their exciting growth plans. The management team have an excellent reputation in their market and are building on that with new products that complement their existing offering.”
Ken Cooper, managing director at British Business Bank, said: “Since its inception, NPIF has provided vital funding to businesses across the North, and this investment marks the first in the Lancashire region. It’s great to see highly ambitious companies such as Omega Product Services receiving the working capital they need to expand and realise their potential.
Andy Walker, head of business growth and innovation at Lancashire County Council, said: “We welcome this investment from NPIF as innovative and fast-growing companies are the lifeblood of the Lancashire economy and successful companies such as Omega help to raise the profile of Lancashire regionally and nationally.”
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 combined authorities 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.