UK-based quantity surveying, project management and dispute resolution specialist PTM Group has secured a £300,000 ($482,000) investment from Finance for Business North East’s Growth Fund, run by NEL Fund Managers.
PTM Group operates a number of subsidiary businesses, including Tyneside construction apprenticeships operator NCT Skills, property development arm PTM Estates and 180 Training, which specialises in adults retraining for a career change.
The investment will enable PTM to help recruit senior staff, such as new finance director Simon McIntosh, and Ian Wood and Patricia Wilkinson, joining as the respective directors of 180 Training and NCT Skills.
Finance for Business North East is a £142m investment program offering debt and equity finance to small and medium-sized businesses in the northeast of England at various stages of evolution. The program is split into seven sub-funds: micro loan; proof of concept; technology; accelerator; angel; growth plus and growth.
The European Regional Development Fund, European Investment Bank and Capital for Enterprise program from the UK government’s Department for Business, Innovation and Skills all back Finance for Business North East, whose funds are managed by North East Finance.
Jamie Paterson, co-founder of PTM Group, said: “The focus that has grown up in recent years around vocational training and skills development has opened up commercial opportunities on which we have been able to capitalise very well, but we know there is a lot more potential in NCT Skills and 180 Training businesses for us to realise.
“Having this working capital behind us will mean we can go after the best opportunities available to us over the medium and long-term, rather than just working in the short-term on projects that we can afford to undertake at that moment.”