June 19 2019 @ 10:14 by Steven Hugill
A bearing and engineering solutions firm has created jobs and extended its regional presence following a £100,000 investment.
BS&P Limited says it has bolstered its workforce after support from NPIF – FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund.
The company, based in Bishop Auckland, provides wholesale equipment to manufacturing and motor trade businesses, selling motors and gearboxes, belts and chains, bearings, adhesives, fasteners and fixings, as well as small tools.
Its £100,000 FW Capital funding has also supported the establishment of a new, additional depot in Redcar, which bosses say will extend the company’s reach across Tees Valley and North Yorkshire.
Additionally, it will be used to further invest in its sales team and marketing activities, including an online shop.
Managing director Neville Peters, who established the business, which now employs 12 people and has a turnover of £800,000, in 2009, said: “FW Capital is a fantastic funding partner.
“We are delighted their investment has allowed us to open our new Redcar depot and employ more people in the Tees Valley.”
Keith Barnes, investment executive at FW Capital, said: “It is with great pleasure we support BS&P with the opening of its new Redcar depot.
“Neville is highly experienced in the sector and we are happy to be able to support his company’s growth ambitions, which will bring seven new jobs to the Tees Valley through an established company with a strong track record.”
Ben Houchen, Tees Valley Mayor, said: “It’s great to see BS&P expanding and investing in our region with their new Redcar depot. This means more jobs in the Tees Valley for local people and is testament to the high-quality workforce available here.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding, from £25,000 to £2m.
It works alongside ten local enterprise partnerships, combined authorities and growth hubs, as well as local accountants, fund managers and banks to support SMEs’ development.
Mark Wilcockson, senior manager at British Business Bank, said: “We are pleased that NPIF is continuing to unlock Tees Valley’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 backing from the European Regional Development Fund, as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.