A family-run streetlight testing firm has secured six-figure support it says will illuminate growth plans.
Southern Asset Management has been backed by The Northern Powerhouse Investment Fund II.
Bosses at the Stockton-based company say the cash will help create four jobs and expand into the onshore wind turbine testing and rail sectors.
Known for providing structural testing and asset management across streetlights, masts, signs and structures, the boost marks the second tranche of support the firm has received from the Northern Powerhouse Investment Fund, having secured backing from its first iteration last year.
Steve Southern, chief executive at Southern Asset Management, said: “Both the Northern Powerhouse Investment Funds have been instrumental in fuelling our growth.
“Thanks to this funding, we’re able to expand into new markets, win new contracts and continue to deliver the highest level of service to our customers.”
The deal marks The Northern Powerhouse Investment Fund II’s first investment in Teesside, with Southern Asset Management securing its backing from The Northern Powerhouse Investment Fund II – NEL Debt Finance, which is managed by NEL Fund Managers.
Jane Siddle, senior investment executive at NEL Fund Managers, said: “Southern Asset Management is a pioneering business in its field.
“With a clear vision for growth and impressive progress with their offering, Southern Asset Management presented an investment opportunity that we’re pleased to support.”
Sarah Newbould, senior manager at British Business Bank said: “The Northern Powerhouse Investment Fund II is committed to supporting businesses that are driving economic growth and innovation in the region.
“By investing in companies like Southern Asset Management, we’re fostering job creation and contributing to the region’s overall economic prosperity.”
The £660 million Northern Powerhouse Investment Fund II covers the North of England and provides loans from £25,000 to £2 million, and up to £5 million equity investment, for small and medium-sized businesses.
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