Procurement firm secures multimillion-pound loan from business fund

Paul Kennedy

A Warrington-based provider of procurement solutions has secured a £4m term loan from the Barclays Northern Powerhouse Fund, following a successful management buyout.

Following the trade sale of Inprova Energy, Inprova Group has been bought by its current chief executive, Paul Kennedy.

Inprova is a procurement services provider to the local authority, health and housing sectors both within the UK and US, delivering professional procurement and supply chain solutions to more than 1,000 customers.

Its expertise in aggregated and collaborative procurement and technology solutions has helped establish it as one of the leading procurement service providers in the UK.

Paul Kennedy, said: “I would like to thank Barclays for their enthusiastic support for this transaction.

“They spent a long time building a relationship with us and were then able to structure a funding package that suited our long-term needs following the management buyout.

“The whole team at Inprova has worked tremendously hard over the years to establish a successful business which is now set for further growth.”

Ian Wilby, relationship director who led the deal for Barclays Corporate Banking, added: “At Barclays we’re delighted to be able to help businesses grow and expand and the Northern Powerhouse fund is the perfect vehicle for businesses that are looking for new opportunities and require flexible funding options.

“Being chosen as the bank for newly-established Inprova Procurement is testament to the management team’s strong relationship built with Barclays.”

The £500m Northern Powerhouse Growth Fund was established to inject investment into businesses across the North of England and is intended for SMEs across the Northern Powerhouse region, including established businesses with ambitious growth plans, start-ups with high growth potential, companies with early-stage equity funding and businesses focusing on innovation, R&D and technology.

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