Bearing and engineering solutions firm BS&P Limited has created seven jobs with a £100k investment from NPIF – FW Capital Debt Finance.
The funding is managed by FW Capital and is part of the Northern Powerhouse Investment Fund (NPIF).
BS&P Ltd provides wholesale equipment to the manufacturing and motor trade businesses locally, selling items like motors and gearboxes, belts, chains and bearings.
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 Peters 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.”
The company was established in Bishop Auckland in 2009 by managing director, Neville Peters. It employs 12 people with a turnover of £800k.
The £100k FW Capital funding will support the establishment of a new depot in Redcar to extend the company’s reach across Tees Valley and North Yorkshire.
It will also be used to further invest in the BS&P sales team and marketing activities, including an online shop, to accelerate growth potential.
Neville Peters, BS&P’s managing director, added:
“FW Capital is a fantastic funding partner. We are delighted that their investment has allowed us to open our new Redcar depot and employ more people in the Tees Valley region.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25k 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.