Further funding success for £11m turnover engineering firm
A Humber-based engineering firm is set to create a number of jobs after securing £250,000 debt funding from The Northern Powerhouse Investment Fund (NPIF).
Based in Grimsby, Allied Protek provides a full project management package including design, engineering, installation and maintenance for clients in the food, drink, fine chemicals and pharma sectors.
The investment was made by NPIF – Enterprise Ventures Debt Finance, an NPIF product fund-managed by Enterprise Ventures, and will provide Allied Protek with the working capital to support its expansion with new contracts and products, including the development and engineering of environmentally friendly solutions for the food processing and catering industries.
Previously the recipient of a £555,000 RGF Industrial Research Grant through the Humber LEP, Allied Protek have invested heavily in design, prototyping and manufacturing of innovative solutions to enable manufacturers to reduce their waste streams.
Allied Protek is led by managing director Paul Wilson and employs more than 100 staff. On the back of its planned growth, the funding will help the company create 10 jobs in the Humber area over the course of the loan.
The loan follows a funding package provided by Barclays earlier this month to enable it to tender for larger contracts and support the growth of sister company Humber Recruitment.
Ian Atkinson, investment manager at Enterprise Ventures, part of Mercia Technologies, said: “We are pleased to support Allied Protek with the development of its innovative technology solutions, particularly as they offer an environmentally friendly alternative to existing problems. With this funding, Allied Protek is well-placed to make commercial progress in the food industry, and it is yet another great example of the business potential that can be found within the Humber region.”
Paul Wilson, managing director at Allied Protek, added: ”It would be fair to say without the support of the Humber LEP and initiatives such as the Northern Powerhouse Investment Fund we would not have been able to make such rapid progress as a business. Initially the R&D support enabled us to develop our solutions build and prove them. Getting the right support has allowed us to create permanent engineering jobs and demonstrate our capacity to innovative environmentally friendly solutions.”
