Stockton firm receives £150k Northern Powerhouse funding to tackle unemployment

Unemployed people are being helped back into work with investment from the NPIF - FW Capital Debt Finance.

The scheme is part of the Northern Powerhouse Investment Fund (NPIF).

Nordic Products & Services secured a £150k investment in September 2017 to support its work providing engineering training to people in the Tees Valley area.

The company offers courses in areas such as welding and engineering. Since receiving the funding, the Stockton-based firm has helped over 150 unemployed people into work.

FW Capital has worked closely with the management team at Nordic providing guidance and support to deliver its growth plans. The firm recently hired a business development manager to build on this success.

Kully Brooks, Nordic Products & Services’ director, said: “Like many new businesses, we had teething problems in the early days but FW Capital were exceptionally supportive.

“We have been able to have open, honest and frank discussions and have been given constructive and professional feedback and advice.

“Because of this collaboration, we were able to turn things around and really make a success of things and now more than 150 more people are in work.

“We are delighted to have helped so many people achieve long-term sustained employment, it is wonderful to see so many success stories and see how people’s lives have been transformed.”

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

Ben Houchen, Tees Valley Mayor, added: “Not only are Nordic helping people develop the skills needed to improve their employability, they also work closely with business meaning trainees have real job opportunities once they’ve finished their training.

“I’ve seen the dedication of everyone at Nordic first-hand and the investment they’ve secured is well deserved. I look forward to seeing the next 150 people securing jobs on the back of Nordic’s training.”