L-R Ian Atkinson, Bart Ratus, Agata Milewski, Sean Hutchinson, Martin Bell
The Northern Powerhouse Investment Fund (NPIF) has provided £200,000 worth of debt funding to Power Body Nutrition Limited, a wholesale distributor of nutrition and sports supplements.
This marks one of NPIF’s first investment in the York area since its launch earlier this year.
Established in 2008, Dunnington-based Power Body Nutrition has grown to become one of the UK’s leading suppliers of nutrition and sports supplements to shops and gyms across Europe as well as the UK. It currently works with some of the largest brands in its sector, including Glanbia, Dymatize and Now Foods. With revenues increasing to over £12m in 2016, the company moved to a larger premise last year to handle new levels of stock.
Power Body Nutrition will use the investment to purchase a new IT system and assist with stock purchase, as demand for its products from overseas customers continues to increase. The company is also looking to open up new sales channels by offering its customers a broader range of products.
The company currently employs over 40 members of staff, and is looking to create an additional six jobs over the course of the loan period.
Agata Milewska, business development manager at Power Body Nutrition, said: “This new funding has presented us with an opportunity to transform our business and put it in a strong position for future growth. By expanding our product range, we can entice new customers with our services and grow our client base. We’re thankful to NPIF - Enterprise Ventures Debt Finance for this vital funding and we’re excited to see the progression of the business over the course of the facility.”
Ian Atkinson, investment manager at Enterprise Ventures, part of Mercia Technologies PLC, which manages the fund, said: “We are delighted to support Power Body Nutrition with this investment as it plans to secure new talent in the team and expand its customer base across the UK and Europe. It’s great to see strong business growth from companies within the York region, which is one of Enterprise Ventures’ key areas of focus.”
David Dickson, chair of the infrastructure board for the York, North Yorkshire and East Riding Enterprise Partnership, said: “This is exactly the kind of business investment that our LEP is keen to support. The York, North Yorkshire and East Riding LEP region is home to some great businesses.
"We are there to support SME’s to grow through our business support programmes, and we believe the Growth Hub operating through the How’s Business structure will make it easier for ambitious, growing businesses to access appropriate support.”