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NPIF invests £150,000 to help ProGen scale up

Posted on 30 Aug 2019 and read 914 times
NPIF invests £150,000 to help ProGen scale upThe Northern Powerhouse Investment Fund (NPIF) has provided £150,000 to support Grimsby-based ProGen Services Ltd, as it seeks to recruit new staff.

Founded in 2014, the company is an industrial and commercial contractor providing fully integrated mechanical, electrical, instrumentation, control and automation (MEICA) turn-key operations around the UK.

This funding will enable it to create at least 10 new jobs, including a new apprenticeship programme; it will also be used to help scale up the business by attracting new customers.

The investment was made by NPIF-Mercia Debt Finance, which is managed by Mercia and is part of the NPIF.

ProGen’s managing director, Jodi Spurrell, (www.progen.co.uk) said: “Our business is on an upward trajectory, but we needed the help of a financial partner for the next phase of growth.

Paul and the team at NPIF (www.npif.co.uk) have offered invaluable support, and we are now in a position where we can take ProGen to the next level.”

Mercia investment manager Paul Arthur said: “I have been impressed with the growth that ProGen has achieved since it was established just five years ago.

“I am delighted to have worked closely with Steve Parker from the Humber LEP Growth Hub to provide a firm financial foundation that will allow the company to achieve its ambitions.”

Grant Peggie at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities.”