A Sheffield company which specialises in replacing windows in historic buildings has secured a £250,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), to fund new contract wins.
Nueco Group provides bespoke windows, glazing and heritage facades and is one of only a handful of companies which manages the entire process from design and supply to installation.
Nueco was founded in 2019 by Tom Gibbons, a quantity surveyor who previously worked with large construction companies including Henry Boot, after spotting a gap in the market for a firm that could provide an end-to-end service to save time and make the entire process much easier for main contractors.
The company is chaired by David Grey MBE, the former Master Cutler and founder of OSL Group. It now employs ten staff and also has an office in London where much of its work is located. Nueco has worked on projects including London’s Spitalfields Market, Wymott Prison in Lancashire and the Springfield Hospital redevelopment project in London.
The loan will provide additional working capital to fund new projects and enable it to create five new jobs in the year ahead.
Tom Gibbons, founder and Managing Director, said: “The funding will make a huge different to Nueco Group – allowing us to continue on our exciting growth path. It means we can take on more projects and, most importantly, more staff. “
Andy Tyas of Mercia added: “Nueco is one of the few specialists in its field and has grown rapidly since it was founded less than three years ago. Access to funding is critical for companies in the construction sector. The loan will give it the headroom it requires to be able to take on new and bigger projects and continue its expansion.”
Sean Hutchinson at British Business Bank said: “Having access to finance can enable companies to reach new heights of success, and there’s no doubt that this loan will help the team at Nueco deliver even more exciting projects than it has completed so far. The company has spotted a unique gap in the market and has now opened up a new division in London, which is a great example of how regional funding can create valuable relationships between the North and South economies.”
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.