Home Boost Business Lancashire logo

NPIF sparks first deal in Lancashire

L R Eddie Robertson Andy Traynor Sue Barnard Paul Leech and Andy Walker

The Northern Powerhouse Investment Fund (NPIF) managed by FW Capital Limited has completed a £250,000 investment in Omega Product Services, a supplier to the electrical wholesale market.

The deal marks NPIF’s first investment in Lancashire since it was launched earlier this year with support from the Lancashire Enterprise Partnership.

Based in Blackpool, the LED lighting specialist was set up six years ago and employs nine members of staff. Sales have grown rapidly, and are expected to hit £2.7m this year. The company has continued to develop by promoting its unique Prima-Lux brand of LED lighting products, which have proven to be hugely popular in the market.

The loan will allow the company to take on new sales staff and diversify its product range to offer its customers a more extensive line of products. 

Paul Leech, Joint Managing Director at Omega Product Services, said: “Obtaining the additional working capital that we needed was vital to enable us to continue to develop our business objectives for the future, working with FW Capital was very straightforward and positive throughout the whole process, the service provided to us by our contact at FW Capital, Andy Traynor was excellent. We would highly recommend this route to any Company looking to raise capital for business expansion.’’

Gary Guest, Fund Manager at FW Capital, said: “We’re delighted to be supporting Omega Product Services with their exciting growth plans.  The management team have an excellent reputation in their market and are building on that with new products that complement their existing offering.”

Ken Cooper, Managing Director at British Business Bank, said: “Since its inception, NPIF has provided vital funding to businesses across the North, and this investment marks the first in the Lancashire region. It’s great to see highly ambitious companies such as Omega Product Services receiving the working capital they need to expand and realise their potential.”

Andy Walker, Head of Business Growth and Innovation at Lancashire County Council, said: “We welcome this investment from NPIF as innovative and fast-growing companies are the lifeblood of the Lancashire economy and successful companies such as Omega help to raise the profile of Lancashire regionally and nationally.”

Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.

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.

For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.

Share

You may also like...

Chorley children’s licensed products supplier expanding into Europe as part of growth drive Jo Duckworth Anthony Duckworth Andy Downie Dreamtex

Chorley children’s licensed products supplier expanding into Europe as part of growth drive

Anthony Duckworth, Andrew Downie and Jo Duckworth
Dreamtex, Chorley

Manufacturer sees customer increase after Innovation Sprint support Autentica sees increase in customers

Manufacturer sees customer increase after Innovation Sprint support

Irma Gilbert
Autentica, Blackpool

Sign up to our newsletter

For insights and events to help your business thrive.

In completing this form, you understand that Lancashire County Council (Boost) has a requirement to process your personal data. Lancashire County Council will only ever process your personal data where it has a clear lawful basis for doing so in full compliance with data protection legislation - UK GDPR and The Data Protection Act (2018). We will ensure the security and confidentiality of your personal data at all times. For full details of how Lancashire County Council handles your personal data please see our privacy notice here . Some information relating to this public funded project may be declared to third parties under the Freedom of Information Act 2000.
Funded by local govmt
Department for Trade and Business
Northern Powerhouse
Lancashire County Council

The website uses cookies.

Some are used for statistical purposes and others are set up by third party services. By clicking 'Accept all & close', you accept the use of cookies. For more information on how we use and manage cookies, please read our Cookie Policy.