£12m-turnover nutrition business bulks up with NPIF funding

A £12m-turnover, York-based sports supplement business , Power Body Nutrition, has seen a £200,000 injection from the Northern Powerhouse Investment Fund.

The debt funding marks one of the first investments by the NPIF in the York area since its launch earlier this year.

The investment was made by NPIF, Enterprise Ventures Debt Finance, an NPIF product fund managed by Enterprise Ventures.

Established in 2008, Dunnington-based Power Body Nutrition has grown to supply nutrition and sports supplements to shops and gyms across Europe as well as the UK, working with big names in the sector including Glanbia, Dymatize and Now Foods.

Revenues at Power Body Nutrition increased to more than £12m in 2016, and it moved into larger premises last year to handle new levels of stock.

The business will use the investment to purchase a new IT system and assist with stock purchase, as demand for its products from overseas customers continues to increase.

The company currently employs over 40 members of staff, and is looking to create an additional six jobs over the course of the loan period.

Power Body Nutrition was introduced to Enterprise Ventures by Martin Bell of Red Sky who also assisted the company with their application.

Agata Milewska, business development manager at Power Body Nutrition, said: “This new funding has presented us with an opportunity to transform our business and put it in a strong position for future growth. By expanding our product range, we can entice new customers with our services and grow our client base.

“We’re thankful to NPIF – Enterprise Ventures Debt Finance for this vital funding and we’re excited to see the progression of the business over the course of the facility.”

Ian Atkinson, investment manager at Enterprise Ventures, part of Mercia Technologies PLC, which manages the fund, said: “We are delighted to support Power Body Nutrition with this investment as it plans to secure new talent in the team and expand its customer base across the UK and Europe. It’s great to see strong business growth from companies within the York region, which is one of Enterprise Ventures’ key areas of focus.”

Sean Hutchinson, senior manager at British Business Bank, said: “We are proud to be completing our first investments in the York area. We’re seeing all of the Northern Powerhouse Investment Fund geography benefitting from this new source of funding, and we are making a difference to those small businesses in the North that so desperately need working capital to expand.”

David Dickson, chairperson of the Infrastructure Board for the York, North Yorkshire and East Riding Enterprise Partnership, said: “This is exactly the kind of business investment that our LEP is keen to support. The York, North Yorkshire and East Riding LEP region is home to some great businesses. We are there to support SME’s to grow through our business support programmes, and we believe the Growth Hub operating through the How’s Business structure will make it easier for ambitious, growing businesses to access appropriate support.”

Pictured: Ian Atkinson, Bart Ratus, Agata Milewski, Sean Hutchinson, Martin Bell