A Yorkshire photography and video business whose clients include major supermarkets and food producers has secured £250,000 funding from NPIF – Mercia Debt Finance, which is part of the Northern Powerhouse Investment Fund.
Powerhouse is a creative content studio specialising in high-end commercial food, fashion and lifestyle photography and video content for leading global brands and retailers. The funding will allow it to move into larger premises close to its existing base in Leeds and further expand its team.
Founded in 1998, Powerhouse employs 20 people and plans to take on five more staff in the next two years. It is currently led by Managing Director, Neil Adams.
Grahame Lunt, Investment Manager with Mercia Fund Managers which manages NPIF – Mercia Debt Finance, said: “Powerhouse is the largest and most established business of its type in the UK, with many long-standing clients. The company’s expertise and its location outside of the capital gives it an advantage over its London-based competitors. The funding will help it to buy and fit out new studios which will be large enough to accommodate its growing team and allow it to expand its activities in other areas including the fashion industry.”
Grant Peggie, Director at British Business Bank, said: “We are pleased that NPIF through Mercia have provided Powerhouse with the support it needs to pursue its vision for growth. As evidenced by this deal, Leeds City Region has a strong presence of ambitious businesses and with the continued help from our fund managers, we look forward to see what other opportunities NPIF can bring for other small and medium sized businesses in the region.”
Roger Marsh OBE, Chairman of the NPIF SOB and Chair of the Leeds City Region Enterprise Partnership (LEP) said: “I am delighted to see businesses from the region accessing and benefiting from support from the Northern Powerhouse Investment Fund. Investment from NPIF helps to accelerate the growth of SMEs across Leeds City Region and will ensure the region is the best place in the UK to start, develop and grow a business.”
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.