Northern Powerhouse loan creates 23 new jobs
A company which provides refurbished computer equipment has received a £600,000 loan through the Northern Powerhouse Investment Fund (NPIF).
Harrogate-based Intelligent Servers Ltd was founded in 2011 and is now one of Europe’s leading resellers of refurbished IT equipment, generating revenues of around £8m a year.
The funding, from NPIF - FW Capital Debt Finance and managed by FW Capital, has safeguarded 45 jobs and led to the creation of a further 23.
Andrew Hughes, founder and managing director of Intelligent Servers, said: “Due to the demand for cheaper and more affordable IT equipment, used and refurbished equipment is now highly-desirable, with savings of up to 80 per cent available.
“This funding will allow us grow and deliver our exceptional service to more customers, while supporting us to create 23 exciting new positions at our company.”
The deal was facilitated by FW Capital deputy fund manager Keith Charlton, supported by assistant investment executive Alex Brown, following an introduction by Mel Nally of Skipton Business Finance.
Mr Brown said: “We are delighted to back Intelligent Servers, a business with a great track record of growth and a proven management team. Our investment will assist Intelligent Servers in achieving their growth strategy through maintaining higher stock levels and improving purchasing power. Best of all, this growth strategy will support significant job creation.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
Mel Nally, regional sales director for Skipton Business Finance, said: “From our first involvement with Andrew and his team in 2019, it became clear that the business had significant potential for growth, so long as it could maintain the required stock levels to meet an ever-increasing demand.
“Earlier this year and following that continued growth, I was delighted to introduce the team to FW Capital, which I felt would be a perfect fit to help this thriving local business capitalise on further opportunities. I am pleased that the investment by FW Capital has had a very positive impact and I look forward to seeing their continued success.”
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.