A Yorkshire company which is the UK’s leading independent supplier of insulation services to the power industry has secured a £100,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
The funding will help Powertherm Contract Services to expand its premises in Sheffield and create eight new jobs. Powertherm installs thermal and acoustic insulation within power generation and petrochemical plants throughout the UK and Europe. It also offers complementary services such as scaffolding and painting to save clients managing multiple contractors.
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.
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 – over 50 at their HQ in Sheffield, with the remainder on site. 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 new production and office-based roles.
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.”
Mark Wilcockson, Senior Relationship Manager at British Business Bank, said: “NPIF is proud to boost job creation in the North by supporting businesses such as Powertherm who require funding to employ additional staff. We look forward to seeing how the company progresses with this additional capital.”
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.