Unemployed people are being helped back into work with investment from the NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Nordic Products & Services secured a £150,000 investment in September 2017 to support its work providing engineering training to people in the Tees Valley area.
The company offers courses in areas such as welding and engineering.
Since receiving the funding, the Stockton-based firm has helped over 150 unemployed people into work.
FW Capital has worked closely with the management team at Nordic providing guidance and support to deliver its growth plans. The firm recently hired a business development manager to build on this success.
Kully Brooks, Nordic Products & Services Director, said: “Like many new businesses, we had teething problems in the early days but FW Capital were exceptionally supportive. We have been able to have open, honest and frank discussions and have been given constructive and professional feedback and advice.
“Because of this collaboration, we were able to turn things around and really make a success of things and now more than 150 more people are in work.
“The engineering training we offer is really tailored to match the skills gap in the Teesside engineering industry. What we have been able to do is bring our trainees and the industry together, which helps meet the needs of the local employers and also give people good careers in engineering.
“We are delighted to have helped so many people achieve long-term sustained employment, it is wonderful to see so many success stories and see how people’s lives have been transformed.”
Lindsey McMenamin, Senior Portfolio Executive at FW Capital, said: “In 2017, Nordic Products & Services came to us for investment to assist them in providing valuable training for people in the Tees Valley area.
“The training scheme was a great success and the impact has been immense, with 150 people now in work because of it.
“Kully and her team should be commended for their fantastic efforts helping so many unemployed people into engineering careers. We are delighted to have played a role in such an important project.”
Ben Houchen, Tees Valley Mayor, said: “Not only are Nordic helping people develop the skills needed to improve their employability, they also work closely with business meaning trainees have real job opportunities once they’ve finished their training.
“I’ve seen the dedication of everyone at Nordic first-hand and the investment they’ve secured is well deserved. I look forward to seeing the next 150 people securing jobs on the back of Nordic’s training.”
Mark Wilcockson, Senior Manager at British Business Bank, said: “This investment exemplifies the work that NPIF is doing across the Tees Valley. By supporting businesses with the funds to recruit new staff, we are creating a more prosperous regional economy for the future, and in turn helping to reduce the historic regional disparities between the North and the South.”
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.