Omega secures £250,000 investment loan
Omega Product Services, a Blackpool-based supplier to the electrical wholesale market, has secured a £250,000 investment loan from the Northern Powerhouse Investment Fund.It is the first Lancashire investment made by Northern Powerhouse Investment Fund, offered by FW Capital Debt Finance, since it was launched earlier this year with support from the Lancashire Enterprise Partnership.
Omega was set up six years ago and employs nine members of staff. Sales have grown rapidly, and is expected to hit £2.7m this year. The company has continued to develop by promoting its unique Prima-Lux brand of LED lighting products, which have proven to be hugely popular in the market.The loan will allow the company to take on new sales staff and diversify its product range to offer its customers a more extensive line of products.
Paul Leech, joint managing director at Omega Product Services, said: “Obtaining the additional working capital that we needed was vital to enable us to continue to develop our business objectives for the future."Gary Guest, fund manager at FW Capital, said: “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.”
Andy Walker, Head of Business Growth and Innovation at Lancashire County Council, said: “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.”The Northern Powerhouse Investment Fund provides a mix of debt and equity funding from £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. The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.