26th July 2022
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The Northern Powerhouse Investment Fund was set up to make a real and measurable difference to businesses across the North West, Yorkshire, the Humber and Tees Valley. It has since led to the creation of thousands of new jobs, fuelled growth plans, and helped to create a more prosperous regional economy.
As part of NPIF’s 5th anniversary, we spoke to eight businesses that have secured investment to learn more about their investment experience.
Sheffield-based Castings Technology International (Cti) secured £2,000,000 in an investment led by Nucleus Commercial Finance and NPIF – Mercia Debt Finance in January 2021, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Since completing the deal, funding raised has allowed the company to expand rapidly. It has invested further into product development; added to its sales and marketing infrastructure and resource; and expanded its world-class manufacturing facility, which is based at the University of Sheffield Advanced Manufacturing Research Centre (AMRC).
We spoke to Kevin Parkin, Chair at Castings Technology International, to ask about the impact of investment from the Northern Powerhouse Investment Fund – here’s what he had to say:
Why did you seek out NPIF investment?
“We sought investment from NPIF – Mercia Debt Finance in tandem with a management buy-out of the business from the University of Sheffield in January 2021, amidst an exciting year for us. I already had several contacts at Mercia, and throughout the process they were most supportive, from the application process through to today.”
Why was NPIF – Mercia Debt Finance the right finance option for your business?
“We were in a period of transition here at Castings Technology International, that coincided with when the pandemic was in full effect. We had several exciting projects in the pipeline at the moment we secured investment, and it’s allowed us to expand our capabilities. We’ve expanded our world-class manufacturing facility, invested further in product development, and also produced the largest single component in our history, made from commercially pure titanium.”
What difference has NPIF funding made to your business?
“Funding has made a significant impact on the business. In numbers, it has allowed us to grow considerably over the last 18 months, taking a £4.5m turnover to £7m, saving 75 highly skilled jobs, as well as a £25m Sovereign Asset. We are innovators by nature, and this has allowed us to fulfil world-first orders and deliver on contracts for some of the world’s biggest brands.”
What new opportunities has NPIF provided you?
“NPIF and Mercia have provided us with many new opportunities, thanks to its support. We have been provided with valuable advice, network introductions, working capital finance, as well as some great publicity along the way.”
What would you say to other business owners considering NPIF funding?
“The team at NPIF and Mercia are professional and skilled experts who have empathy with our company. They are constantly interested in your performance, and highly supportive with network introductions. It’s a pleasure to work with the whole team, and I would recommend NPIF funding as an option to other Northern businesses that are considering investment.”
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.
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).
If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to 'Funds Available' to find the Fund Managers operating in your area
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