A Kidderminster-based petroleum installation and service company has kick-started a new multimillion-pound contract after securing funding from local and regional initiatives.
Kidderminster Petroleum Services (KPS) has received £100,000 from the Midlands Engine Investment Fund alongside the Worcestershire Business Loan Fund with both funds managed and delivered by BCRS Business Loans. The investment will be used to help the company to grow and recruit five new members of staff.
This expansion has enabled the firm to secure a new contract with Rontec, one of the UK’s leading forecourt operators with 240 sites across England and Wales.
Steve Harrington, Managing Director at KPS, said:
“We are delighted to have a growing client base and we are working very closely with our clients in the Petrol Filling Station sector. KPS management team has over 100 years’ combined work experience in the petroleum industry and specialises in providing fuel pipework & dispenser installations and servicing as well as tank gauge installation & servicing, forecourt fabric, drainage & maintenance works.
“Securing new contracts is brilliant news for our business and with the support of this finance we have created five new jobs, taking our team up to thirty employees.”
Angie Preece, Business Development Manager at BCRS Business Loans, said:
“BCRS is committed to supporting KPS. We understand that expansion sometimes requires an injection of capital and by providing this finance the firm has been able to secure a huge new contract with Rontec.
“KPS is going from strength-to-strength, backed by a skilled and experienced management team. The firm’s growth is good news for the local economy, with employment opportunities being created for local people.
Ryan Cartwright, Senior Manager at the British Business Bank, said:
“The Midlands Engine Investment Fund was set up to plug gaps in access to finance and support growing companies. The funding can be used to secure and fulfil new contracts and train and upskill staff.
“We would encourage other Worcestershire companies seeking to grow to explore the finance available from MEIF.
The Midlands Engine 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.
If you would like to meet with one of MEIF's appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area