Northern Powerhouse fund supports Lancashire electrical wholesaler with six-figure investment

Northern Powerhouse Investment Fund (NPIF) – FW Capital Debt Finance has announced a six-figure investment in Lancashire.

The fund, managed by FW Capital Limited, completed a £250k deal with Blackpool-based electrical wholesale supplier Omega Product Services.

The company will use the loan to take on new sales staff and diversify its product range.

The transaction marks NPIF’s first investment in the county since its launch earlier this year with support from the Lancashire Enterprise Partnership.

Omega Product Services, which specialises in LED lighting, was founded six years ago and today employs a team of nine.

With sales on the rise, the firm has forecast its turnover to hit £2.7m this year.

Omega Product Services’ joint MD, Paul Leech, said: “Obtaining the additional working capital that we needed was vital to enable us to continue to develop our business objectives for the future, working with FW Capital was very straightforward and positive throughout the whole process, the service provided to us by our contact at FW Capital, Andy Traynor was excellent.”

FW Capital fund manager Gary Guest commented: “We’re delighted to be supporting Omega Product Services with their exciting growth plans.

“The management team have an excellent reputation in their market and are building on that with new products that complement their existing offering.”

The Northern Powerhouse Investment Fund operates from British Business Bank’s head office in Sheffield.

The managing director at British Business Bank, Ken Cooper, said: “Since its inception, NPIF has provided vital funding to businesses across the North, and this investment marks the first in the Lancashire region.

“It’s great to see highly ambitious companies such as Omega Product Services receiving the working capital they need to expand and realise their potential.”

Andy Walker, Lancashire County Council’s head of business growth and innovation, commented: “We welcome this investment from NPIF as innovative and fast-growing companies are the lifeblood of the Lancashire economy and successful companies such as Omega help to raise the profile of Lancashire regionally and nationally.”