A North East engineering firm has created new jobs and expanded into Teesside after receiving investment from the Northern Powerhouse Investment Fund.
Bearing and engineering solutions firm BS&P Limited, which is based in Bishop Auckland, County Durham, provides wholesale equipment to the manufacturing and motor trade businesses, selling items such as motors and gearboxes, belts and chains, bearings, adhesives, fasteners and fixings, and small tools.
The company was established 2009 by managing director Neville Peters and employs 12 people with a turnover of £800,000.
The investment, from fund managers FW Capital, will support the company setting up a new depot in Redcar to extend the company’s reach across Tees Valley and North Yorkshire.
It will also be used to further invest in the BS&P sales team and marketing activities, including an online shop, to accelerate growth potential.
Mr Peters said: “FW Capital is a fantastic funding partner. We are delighted that their investment has allowed us to open our new Redcar depot and employ more people in the Tees Valley region.”
Tees Valley mayor Ben Houchen said: “It’s great to see BS&P expanding and investing in our region with their new Redcar depot. This means more jobs in the Tees Valley for local people and is testament to the high quality workforce available here.”
The Northern Powerhouse Investment Fund provides a mix of debt and equity funding to support SMEs at all stages of their development. It is funded from the European Regional Development Fund and based at the British Business Bank’s head office in Sheffield.
Mark Wilcockson, senior manager at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, recruit new staff, enter new markets and acquire new facilities.
“We are pleased that NPIF is continuing to unlock Tees Valley’s growth potential by supporting small growing businesses with vital investment.”
