NPIF completes £250k investment in Humber engineering firm

Allied Protek Engineering Solutions, the Humber-based engineering firm, has secured £250k worth of debt funding from the Northern Powerhouse Investment Fund (NPIF).

Allied Protek is an engineering specialist, providing a full project management package including design, engineering, installation and maintenance for clients in the food,drink, fine chemicals and pharma sectors.

The investment was made by NPIF - Enterprise Ventures Debt Finance, an NPIF product fund-managed by Enterprise Ventures.

With the investment, Allied Protek will be provided with the working capital to support its expansion with new contracts and products, including the development and engineering of environmentally friendly solutions for the food processing and catering industries.

Led by managing director Paul Wilson, Allied Protek employs more than 100 staff. On the back of its planned growth, the funding will help the company create 10 new jobs in the Humber area.

Ian Atkinson, investment manager at Enterprise Ventures, part of Mercia Technologies PLC, said: “We are pleased to support Allied Protek with the development of its innovative technology solutions, particularly as they offer an environmentally friendly alternative to existing problems.

“With this funding, Allied Protek is well-placed to make commercial progress in the food industry, and it is yet another great example of the business potential that can be found within the Humber region.”

Paul Wilson, managing director at Allied Protek, added: “It would be fair to say without the support of the Humber LEP and initiatives such as the Northern Powerhouse Investment Fund we would not have been able to make such rapid progress as a business.

“Initially the R&D support enabled us to develop our solutions build and prove them. Getting the right support has allowed us to create permanent engineering jobs and demonstrate our capacity to innovative environmentally friendly solutions.

Grant Peggie, director at British Business Bank, commented: “We are delighted that Enterprise Ventures has completed this deal in the Humber region. As evidenced by Allied Protek, there is a great deal of research and innovation taking place across the business community and this deal will further support the region’s campaign to unlock its potential.

“Some of Allied Protek’s innovative machines are already in the market place undergoing extensive customer trials. This investment will allow the management team to continue its expansion plans and we look forward to the benefits the company’s growth will bring to the Humber.”

Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m).

It works alongside 10 Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.

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