A Yorkshire engineering firm has announced that it has received a six figure loan to help finance its “ambitious” expansion plans.
Cogent Projects, based in Doncaster, secured the loan from NPIF - FW Capital Debt Finance, which is part of the Northern Powerhouse Investment Fund.
The company, which specialises in mechanical and electrical engineering, received an investment of £250k to support it through Covid and its expansion plans.
It said that it could potentially create 11 new jobs over the next three years, with sales revenue anticipated to increase to £15m.
FW Capital investment executive, Andy Castle, commented: “Cogent Projects is a well-respected company that provides a top-quality service to clients across the country.
“This funding will allow Cogent to continue with its expansion plans, which will safeguard and create jobs for the future.
“It’s been a pleasure to work with Cogent Projects to understand the strategic and operational challenges faced by the business and secure the appropriate funding solution to keep it on its exciting growth trajectory.”
Robert Daniels, Cogent Projects chairman, said: “Securing the backing of FW Capital with an NPIF loan backed by the Coronavirus Business Interruption Loan Scheme has provided us with the support we needed during a period of significant uncertainty.
“At Cogent Projects, we pride ourselves on providing the highest standard of work to our clients every time.
“This investment has not only safeguarded jobs, but has given us the funding to continue with our growth plans and our goal of creating 11 more positions across our business.”