Partner Article

Investment fund backs first project

A TYNESIDE manufacturing firm has landed £200,000 in new investment as it looks to turn its guardrail system into a commercial reality.

Preforma Limited, of Jarrow, has received backing from the North East Angel Fund – one of the six regional funds set up earlier this year under the Finance for Business programme, which is run by North East Finance Limited, the holding fund manager.

The company hopes its patented design for modular guardrails will be used on projects such as the new Tyne Tunnel and at sports stadiums and power plants across the world.

The investment is the first made by the North East Angel Fund, which is operated by Rivers Capital Partners Limited and managed by E-Synergy Limited.

The investment includes £50,000 from Newcastle-based engineering group British Engines Limited. Gary Smith, Managing Director of Preforma Limited, said: “I am very pleased to have achieved this investment from the North East Angel Fund.

The money will be used to help us develop our product and sell it all over the world from our base here in the region.

John White, CEO of E-Synergy Limited and Rivers Capital Partners Limited, said: “We are delighted to have completed the first deal from the North East Angel Fund. We spotted the product’s potential immediately and our team have worked very closely with Gary to get the deal done.

“I’m sure that Preforma, which is just the type of business which we are looking to invest in, will go on to become the success which we all believe it can be.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .