Insulation firm recruits for expansion with funding boost
A company which installs thermal and acoustic insulation in power generation and petrochemical plants throughout the UK and Europe is to expand its premises and creating jobs with the help of a £100,000 loan.
The funding will help Powertherm Contract Services to expand its premises in Sheffield and create eight jobs.
Current projects include a £6m contract at Ferrybridge power station in West Yorkshire, a £1.5m contract at the Dragon liquidified natural gas (LNG) plant in Pembrokeshire, as well as major projects at a Glasgow power station and the Capenhurst uranium enrichment plant.
With growing demand for its services, it is now expanding the workshop and office space at its 37,000 sq ft premises in Handsworth, investing in new equipment and creating production and office-based roles with the help of the loan from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
Established by Colin Ashton in 1989, Powertherm is now run by his sons Paul and Mathew, the managing director and contracts director.
The company employs more than 170 staff – more than 50 at its HQ in Sheffield, with the remainder on site.
Pete Sorsby, investment manager at Mercia Fund Managers, said: “Powertherm prides itself on its personal service and working closely with clients to ensure contracts are successfully completed. As a result, it has been growing steadily in recent years at a time when many of its big competitors have faced challenges. This funding will support its growth following a number of new contract wins and allow it to create new jobs in Sheffield.”
