The Northern Powerhouse Investment Fund (NPIF) has extended a significant loan to a Northumberland company, marking a milestone in the region’s economic development. The electrical contracting firm, based in Blyth, has been granted a five-figure loan aimed at job creation and equipment procurement.
The £660 million NPIF II fund, introduced earlier this year, has facilitated this loan through NEL Fund Managers. The recipient, a Blyth-based electrical contracting firm, will utilise the funds from the NPIF’s smaller loans pot to expand its workforce and acquire essential assets for sustained growth. Specialising in solar photovoltaic technology, battery storage installations, and electric vehicle charging points, the firm is poised for significant expansion.
Founded by Mark Hedley in 2011, the company has a diverse portfolio, including full and partial rewires, door access systems, CCTV, and maintenance for schools. The firm has recently secured contracts for four new build estates over the next three years. This investment will enable the recruitment of two additional full-time engineers and the formation of an administrative team. Furthermore, the firm plans to equip the new engineers, add a vehicle to its fleet, and establish a new office within the Blyth Riverside Business Park.
According to Mark Hedley, the investment from NPIF II is pivotal for the business. He stated, ‘Securing this investment from NPIF II has been pivotal for our business. It has provided us with the financial flexibility to expand our team and invest in the tools and vehicles we need to meet the growing demand for our services, particularly in the renewable energy sector.’ He further elaborated that the funding allows the company to fulfil existing contracts and position itself for future opportunities, enabling faster scaling and continued service delivery.
Susan Snowdon, Investment Executive at NEL Fund Managers, praised the company’s track record and future plans, stating, ‘LBM’s impressive track record and clear plans for the future made a compelling case for investment, and they are now well-equipped to start realising more of their growth potential.’ She noted the firm’s focus on low carbon and renewable energy technologies and expressed satisfaction in extending involvement in these crucial sectors.
Sarah Newbould, Senior Manager at British Business Bank, highlighted the broader impact of this funding. She remarked, ‘LBM is an example of the kind of ambitious business that NPIF II was designed to support. It not only contributes to economic growth but also plays a role in advancing sustainability on a broader scale. By installing solar panels and EV chargers, the firm is directly supporting the transition to a more sustainable Britain.’ Newbould expressed the hope that this example would inspire other local businesses to explore how NPIF II can support their growth and sustainability initiatives.
The Northern Powerhouse Investment Fund’s support for the Blyth-based electrical contracting firm underscores its commitment to fostering economic development and sustainability in the North East. This investment is poised to create new jobs, enhance the firm’s capabilities, and contribute to the region’s renewable energy infrastructure.