Cash injection for local power generators
A local power generation business is planning a major expansion thanks to a cash injection from NEL Fund Managers.
Royston Power Generation sells, installs and maintains diesel engines for a range of domestic and overseas clients from a variety of sectors.
While the company has now achieved an annual turnover of £9 million, the six figure investment from the Finance for Business North East Growth Fund through NEL Fund Managers, will allow them to add substantially to this figure.
Royston and NEL established a working relationship in 2007, when the fund management company provided Royston with finance for various capital projects. the two worked together again in 2009 to support the development of Royston’s fuel and engine monitoring system.
Royston’s fuel systems are designed to manage costs as efficiently as possible, and since the last round of investment from NEL 30 have been sold to customer worldwide.
Finance Director at Royston Power Generators Graham Denholm commented: “The new investment that we’ve attracted gives us the flexibility and the strength to compete for even larger and better capital investment tenders, and we’re certain it will help us reinforce our commercial success within domestic and overseas markets to an even greater degree.
“Since we began working with NEL, Royston’s turnover has risen by over 50 per cent, and we anticipate a similar rate of growth year on year in future. NEL’s ongoing support, advice and guidance has been invaluable to us as our operations have developed.”
The Growth Fund is part of the wider Finance for Business North East Fun, which will see £125 million of investment capital injected into the region by the European Investment Bank.
NEL is now looking to make a further 130 investments over the next five years to create and safeguard 28,000 jobs and start 3,000 businesses.
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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