Bearing and engineering solutions firm BS&P Limited has created seven jobs with a £100,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
BS&P Ltd provides wholesale equipment to the manufacturing and motor trade businesses locally, selling items such as motors and gearboxes, belts and chains, bearings, adhesives, fasteners and fixings, and small tools.
The company was established in Bishop Auckland in 2009 by managing director, Neville Peters. It employs 12 people with a turnover of £800,000.
The £100,000 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.
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.”
Neville Peters, BS&P Managing Director, said: “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.”
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.”
Mark Wilcockson, Senior Manager 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, recruit new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock Tees Valley’s growth potential by supporting small growing businesses with vital investment.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten 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.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719