Yorkshire-based Powertherm Contract Services, a leading independent supplier of insulation to the power industry, has secured a £100,000 loan from NPIF-Mercia Debt Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
The funding will help the company to expand its premises in Sheffield and create eight new jobs.
Powertherm makes thermal and acoustic insulation and installs it at power generation and petrochemical plants throughout the UK and Europe.
It also offers complementary services such as scaffolding and painting to save clients managing multiple contractors.
Current projects include a £6 million contract at Ferrybridge power station in West Yorkshire and a £1.5 million contract at the Dragon liquified natural gas (LNG) plant in Pembrokeshire, as well as major projects at a Glasgow power station and the Capenhurst nuclear fuel plant.
Established by Colin Ashton in 1989, Powertherm is now run by his sons — managing director Matthew and business development director Paul. The company employs more than 170 people.
With growing demand for its services, it is now expanding its workshop and office space, investing in new equipment and creating new production and office-based jobs.
Pete Sorsby, investment manager at Mercia Fund Managers, said: “Powertherm prides itself on its personal service and working closely with clients to ensure that contracts are successfully completed.
“As a result, it has been growing steadily in recent years, at a time when many of its big competitors have faced challenges.
“This funding will support its growth following a number of new contract wins and allow it to create new jobs in Sheffield.”