Blyth’s LBM Group, specialising in renewable energy solutions, becomes the first Northumberland firm to secure NPIF’s second round funding.
This investment marks a pivotal step in fostering regional economic growth and sustainability, aligning with NPIF’s core mission.
Introduction to the Investment
The Northern Powerhouse Investment Fund (NPIF) has taken significant strides with its support for the LBM Group, marking the first such backing in Northumberland. A five-figure loan has been extended to the Blyth-based electrical contracting firm, allowing them to expand and invest in essential growth assets. This financial boost is noteworthy as it aligns with the core objectives of NPIF, aimed at stimulating economic development and job creation in the region.
LBM Group: A Growing Enterprise
Founded in 2011 by Mark Hedley, the LBM Group has carved a niche in the electrical installation sector, specialising in solar photovoltaic systems, battery storage, and electric vehicle charging stations. This investment will enable the company to scale its operations, having secured contracts for new build estates over the next three years. The funding facilitates the hiring of additional engineers and administrative staff, which is crucial for sustaining the company’s growth momentum.
Strategic Investment for Sustainable Growth
The investment is not merely financial support but a strategic move to broaden LBM’s capabilities. By providing resources for new tools, vehicles, and a modern office setup, LBM is equipped to enhance its operational efficiency and service delivery. The new premises at Blyth Riverside Business Park positions LBM ideally to meet rising demand in the renewable energy market.
Partnership and Future Prospects
The collaboration between LBM Group and NEL Fund Managers underscores a mutual commitment to advancing renewable energy initiatives. Susan Snowdon from NEL Fund Managers highlighted LBM’s track record and future plans as key factors in their decision to support the company. This partnership aims to not only fulfil existing contracts but also to position LBM as a leader in the renewable energy sector.
The Broader Impact of NPIF II
NPIF II’s expansion has been strategic, covering the former North East Local Enterprise Partnership area to support SMEs with loans ranging from £25,000 to £2 million. The fund’s approach reflects a broader commitment to economic growth and sustainability, encouraging businesses to transition towards low-carbon practices. Sarah Newbould of the British Business Bank emphasized the importance of supporting businesses like LBM that impact sustainability positively.
Testimonials and Vision
Mark Hedley has articulated the pivotal role this investment plays in LBM’s strategic growth, stating that the flexibility it offers is invaluable. Emphasizing renewable energy solutions, LBM is positioning itself to capitalize on future opportunities. The company’s goals align with NPIF’s broader vision of promoting sustainable and economic development across the region.
Conclusion
The NPIF’s investment in LBM Group signifies a broader agenda of regional development and sustainability. By supporting businesses with viable growth strategies, the fund not only fuels economic growth but also champions environmental responsibility. LBM Group’s trajectory reflects this commitment, setting a benchmark for other enterprises in the region.
The Northern Powerhouse Investment Fund’s support for LBM Group highlights the importance of sustainable growth.
This partnership sets a precedent for future investments aimed at stimulating economic development and environmental responsibility.
